Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Mar. 31, 2017 | May 08, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ESSA | |
Entity Registrant Name | ESSA Bancorp, Inc. | |
Entity Central Index Key | 1,382,230 | |
Current Fiscal Year End Date | --09-30 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,586,202 |
Consolidated Balance Sheet (Una
Consolidated Balance Sheet (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
ASSETS | ||
Cash and due from banks | $ 26,495 | $ 31,815 |
Interest-bearing deposits with other institutions | 9,948 | 11,843 |
Total cash and cash equivalents | 36,443 | 43,658 |
Certificates of deposit | 1,000 | 1,250 |
Investment securities available for sale, at fair value | 395,315 | 390,410 |
Loans receivable (net of allowance for loan losses of $9,366 and $9,056) | 1,208,497 | 1,219,213 |
Regulatory stock, at cost | 13,961 | 15,463 |
Premises and equipment, net | 16,539 | 16,844 |
Bank-owned life insurance | 37,112 | 36,593 |
Foreclosed real estate | 3,315 | 2,659 |
Intangible assets, net | 2,160 | 2,487 |
Goodwill | 13,801 | 13,801 |
Deferred income taxes | 12,171 | 11,885 |
Other assets | 18,415 | 18,216 |
TOTAL ASSETS | 1,758,729 | 1,772,479 |
LIABILITIES | ||
Deposits | 1,238,375 | 1,214,820 |
Short-term borrowings | 120,951 | 129,460 |
Other borrowings | 199,168 | 230,601 |
Advances by borrowers for taxes and insurance | 9,115 | 4,956 |
Other liabilities | 12,351 | 16,298 |
TOTAL LIABILITIES | 1,579,960 | 1,596,135 |
STOCKHOLDERS’ EQUITY | ||
Preferred Stock ($0.01 par value; 10,000,000 shares authorized, none issued) | ||
Common stock ($0.01 par value; 40,000,000 shares authorized, 18,133,095 issued; 11,574,829 and 11,393,558 outstanding at March 31, 2017 and September 30, 2016) | 181 | 181 |
Additional paid in capital | 180,729 | 181,900 |
Unallocated common stock held by the Employee Stock Ownership Plan (ESOP) | (8,947) | (9,174) |
Retained earnings | 89,299 | 87,638 |
Treasury stock, at cost; 6,558,266 and 6,739,537 shares outstanding at March 31, 2017 and September 30, 2016, respectively | (80,129) | (82,369) |
Accumulated other comprehensive loss | (2,364) | (1,832) |
TOTAL STOCKHOLDERS’ EQUITY | 178,769 | 176,344 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 1,758,729 | $ 1,772,479 |
Consolidated Balance Sheet (Un3
Consolidated Balance Sheet (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Statement Of Financial Position [Abstract] | ||
Allowance for loan losses | $ 9,366 | $ 9,056 |
Preferred Stock, par value | $ 0.01 | $ 0.01 |
Preferred Stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 40,000,000 | 40,000,000 |
Common stock, shares issued | 18,133,095 | 18,133,095 |
Common stock, shares outstanding | 11,574,829 | 11,393,558 |
Treasury stock, shares outstanding | 6,558,266 | 6,739,537 |
Consolidated Statement of Incom
Consolidated Statement of Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
INTEREST INCOME | ||||
Loans receivable, including fees | $ 11,799 | $ 12,805 | $ 24,050 | $ 24,379 |
Investment securities: | ||||
Taxable | 2,043 | 1,903 | 3,917 | 3,721 |
Exempt from federal income tax | 303 | 255 | 612 | 499 |
Other investment income | 234 | 196 | 450 | 375 |
Total interest income | 14,379 | 15,159 | 29,029 | 28,974 |
INTEREST EXPENSE | ||||
Deposits | 2,069 | 1,944 | 4,081 | 3,789 |
Short-term borrowings | 296 | 115 | 547 | 209 |
Other borrowings | 710 | 816 | 1,465 | 1,600 |
Total interest expense | 3,075 | 2,875 | 6,093 | 5,598 |
NET INTEREST INCOME | 11,304 | 12,284 | 22,936 | 23,376 |
Provision for loan losses | 750 | 600 | 1,500 | 1,200 |
NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES | 10,554 | 11,684 | 21,436 | 22,176 |
NONINTEREST INCOME | ||||
Service fees on deposit accounts | 813 | 875 | 1,677 | 1,738 |
Services charges and fees on loans | 273 | 297 | 627 | 577 |
Trust and investment fees | 214 | 194 | 364 | 407 |
Gain on sale of investments | 365 | 368 | ||
Earnings on Bank-owned life insurance | 256 | 234 | 519 | 464 |
Insurance commissions | 203 | 217 | 396 | 416 |
Other | 25 | 95 | 58 | 124 |
Total noninterest income | 1,784 | 2,277 | 3,641 | 4,094 |
NONINTEREST EXPENSE | ||||
Compensation and employee benefits | 6,056 | 6,003 | 12,233 | 11,581 |
Occupancy and equipment | 1,190 | 1,422 | 2,281 | 2,531 |
Professional fees | 835 | 672 | 1,580 | 1,125 |
Data processing | 931 | 1,079 | 1,865 | 1,998 |
Advertising | 241 | 153 | 546 | 240 |
Federal Deposit Insurance Corporation (FDIC) premiums | 213 | 322 | 400 | 600 |
(Gain) loss on foreclosed real estate | (5) | 161 | (101) | 151 |
Merger related costs | 245 | |||
Amortization of intangible assets | 164 | 223 | 327 | 397 |
Other | 879 | 1,071 | 1,775 | 2,024 |
Total noninterest expense | 10,504 | 11,106 | 20,906 | 20,892 |
Income before income taxes | 1,834 | 2,855 | 4,171 | 5,378 |
Income taxes | 203 | 726 | 603 | 1,292 |
NET INCOME | $ 1,631 | $ 2,129 | $ 3,568 | $ 4,086 |
Earnings per share | ||||
Basic | $ 0.15 | $ 0.20 | $ 0.34 | $ 0.39 |
Diluted | 0.15 | 0.20 | 0.34 | 0.39 |
Dividends per share | $ 0.09 | $ 0.09 | $ 0.18 | $ 0.18 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income | $ 1,631 | $ 2,129 | $ 3,568 | $ 4,086 |
Investment securities available for sale: | ||||
Unrealized holding gain (loss) | 1,184 | 4,981 | (9,048) | 1,581 |
Tax effect | (403) | (1,694) | 3,076 | (538) |
Reclassification of gains recognized in net income | (365) | (368) | ||
Tax effect | 124 | 125 | ||
Net of tax amount | 781 | 3,046 | (5,972) | 800 |
Pension plan adjustment: | ||||
Pension plan curtailment | 7,143 | 7,143 | ||
Tax effect | (2,429) | (2,429) | ||
Reclassification adjustment related to actuarial losses | 23 | 119 | 159 | 239 |
Tax effect | (10) | (40) | (56) | (81) |
Net of tax amount | 4,727 | 79 | 4,817 | 158 |
Derivative and hedging activities adjustments: | ||||
Changes in unrealized holding gains on derivative included in net income | 40 | 1,092 | ||
Tax effect | (15) | (473) | ||
Reclassification adjustment for gains on derivatives included in net income | (5) | 6 | ||
Tax effect | 3 | (2) | ||
Net of tax amount | 23 | 623 | ||
Total other comprehensive income (loss) | 5,531 | 3,125 | (532) | 958 |
Comprehensive income | $ 7,162 | $ 5,254 | $ 3,036 | $ 5,044 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-In Capital [Member] | Unallocated Common Stock Held by the ESOP [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] |
Beginning Balance at Sep. 30, 2015 | $ (2,395) | ||||||
Net income | $ 4,086 | ||||||
Other comprehensive loss | 958 | 958 | |||||
Ending Balance at Mar. 31, 2016 | (1,437) | ||||||
Beginning Balance at Dec. 31, 2015 | (4,562) | ||||||
Net income | 2,129 | ||||||
Other comprehensive loss | 3,125 | 3,125 | |||||
Ending Balance at Mar. 31, 2016 | (1,437) | ||||||
Beginning Balance at Sep. 30, 2016 | $ 176,344 | $ 181 | $ 181,900 | $ (9,174) | $ 87,638 | $ (82,369) | (1,832) |
Beginning Balance, Shares at Sep. 30, 2016 | 11,393,558 | 11,393,558 | |||||
Net income | $ 3,568 | 3,568 | |||||
Other comprehensive loss | (532) | (532) | |||||
Cash dividends declared ($0.18 per share) | (1,907) | (1,907) | |||||
Stock based compensation | 145 | 145 | |||||
Allocation of ESOP stock | 344 | 117 | 227 | ||||
Allocation of treasury shares to incentive plan | (293) | 293 | |||||
Allocation of treasury shares to incentive plan, Shares | 23,971 | ||||||
Stock options exercised | $ 807 | (1,140) | 1,947 | ||||
Stock options exercised, Shares | 488,491 | 157,300 | |||||
Ending Balance at Mar. 31, 2017 | $ 178,769 | $ 181 | 180,729 | (8,947) | 89,299 | (80,129) | (2,364) |
Ending Balance, Shares at Mar. 31, 2017 | 11,574,829 | 11,574,829 | |||||
Beginning Balance at Dec. 31, 2016 | (7,895) | ||||||
Net income | $ 1,631 | ||||||
Other comprehensive loss | 5,531 | 5,531 | |||||
Ending Balance at Mar. 31, 2017 | $ 178,769 | $ 181 | $ 180,729 | $ (8,947) | $ 89,299 | $ (80,129) | $ (2,364) |
Ending Balance, Shares at Mar. 31, 2017 | 11,574,829 | 11,574,829 |
Consolidated Statement of Chan7
Consolidated Statement of Changes in Stockholders' Equity (Unaudited) (Parenthetical) | 3 Months Ended |
Dec. 31, 2016$ / shares | |
Retained Earnings [Member] | |
Cash dividends declared, per share | $ 0.18 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net income | $ 3,568 | $ 4,086 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Provision for loan losses | 1,500 | 1,200 |
Provision for depreciation and amortization | 685 | 876 |
Amortization and accretion of discounts and premiums, net | 2,216 | 1,750 |
Gain on sale of investment securities | (368) | |
Compensation expense on ESOP | 344 | 303 |
Stock based compensation | 145 | 79 |
Increase in accrued interest receivable | (160) | (477) |
(Decrease) increase in accrued interest payable | (183) | 146 |
Earnings on bank-owned life insurance | (519) | (464) |
Deferred federal income taxes | 170 | 166 |
Increase in accrued pension liability | 297 | 590 |
(Gain) loss on foreclosed real estate | (101) | 151 |
Amortization of intangible assets | 327 | 397 |
Other, net | 3,963 | (222) |
Net cash provided by operating activities | 12,252 | 8,213 |
INVESTING ACTIVITIES | ||
Certificates of deposit maturities | 250 | 250 |
Investment securities available for sale: | ||
Proceeds from sale of investment securities | 29,022 | |
Proceeds from principal repayments and maturities | 33,192 | 47,903 |
Purchases | (48,049) | (50,016) |
Decrease (increase) in loans receivable, net | 5,792 | (13,040) |
Redemption of regulatory stock | 11,413 | 6,940 |
Purchase of regulatory stock | (9,911) | (7,712) |
Proceeds from sale of foreclosed real estate | 1,557 | 739 |
Acquisition, net of cash acquired | (16,174) | |
Purchase of premises, equipment and software | (383) | (579) |
Net cash used for investing activities | (6,139) | (2,667) |
FINANCING ACTIVITIES | ||
Increase (decrease) in deposits, net | 23,555 | (38,921) |
Net (decrease) increase in short-term borrowings | (8,509) | 34,904 |
Proceeds from other borrowings | 17,597 | 52,300 |
Repayment of other borrowings | (49,030) | (50,800) |
Increase in advances by borrowers for taxes and insurance | 4,159 | 4,241 |
Purchase of treasury stock shares | (276) | |
Exercising of stock options | 807 | |
Dividends on common stock | (1,907) | (1,869) |
Net cash used for financing activities | (13,328) | (421) |
(Decrease) increase in cash and cash equivalents | (7,215) | 5,125 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 43,658 | 18,758 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 36,443 | 23,883 |
Cash Paid: | ||
Interest | 6,276 | 5,388 |
Income taxes | (389) | 500 |
Noncash items: | ||
Transfers from loans to foreclosed real estate | 2,112 | 726 |
Pension plan curtailment | 7,143 | |
Unrealized holding (loss) gain | $ (9,048) | 1,581 |
Eagle National Bancorp, Inc [Member] | ||
Noncash assets acquired: | ||
Investment securities, available for sale | 36,275 | |
Loans receivable | 123,380 | |
Federal Home Loan Bank stock | 889 | |
Premises and equipment | 945 | |
Accrued interest receivable | 185 | |
Intangible assets | 1,491 | |
Goodwill | 3,542 | |
Deferred tax assets | 715 | |
Other assets | 1,989 | |
Liabilities assumed: | ||
Certificates of deposit | 32,408 | |
Deposits other than certificates of deposit | 119,865 | |
Accrued interest payable | 64 | |
Other liabilities | 900 | |
Net noncash assets acquired | 16,174 | |
Cash acquired | $ 8,481 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 6 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation The consolidated financial statements include the accounts of ESSA Bancorp, Inc. (the “Company”), its wholly owned subsidiary, ESSA Bank & Trust (the “Bank”), and the Bank’s wholly owned subsidiaries, ESSACOR Inc.; Pocono Investments Company; ESSA Advisory Services, LLC; Integrated Financial Corporation; and Integrated Abstract Incorporated, a wholly owned subsidiary of Integrated Financial Corporation. The primary purpose of the Company is to act as a holding company for the Bank. On November 6, 2014, the Company converted its status from a savings and loan holding company to a bank holding company. In addition, the Bank converted from a Pennsylvania-chartered savings association to a Pennsylvania-chartered savings bank. The Bank’s primary business consists of the taking of deposits and granting of loans to customers generally in Monroe, Northampton, Lehigh, Delaware, Chester, Montgomery, Lackawanna, and Luzerne Counties, Pennsylvania. The Bank is subject to regulation and supervision by the Pennsylvania Department of Banking and Securities and the Federal Deposit Insurance Corporation (the “FDIC”). The investment in subsidiary on the parent company’s financial statements is carried at the parent company’s equity in the underlying net assets. ESSACOR, Inc. is a Pennsylvania corporation that has been used to purchase properties at tax sales that represent collateral for delinquent loans of the Bank and is currently inactive. Pocono Investment Company is a Delaware corporation formed as an investment company subsidiary to hold and manage certain investments, including certain intellectual property. ESSA Advisory Services, LLC is a Pennsylvania limited liability company owned 100 percent by ESSA Bank & Trust. ESSA Advisory Services, LLC is a full-service insurance benefits consulting company offering group services such as health insurance, life insurance, short-term and long-term disability, dental, vision, and 401(k) retirement planning as well as individual health products. Integrated Financial Corporation is a Pennsylvania corporation that provided investment advisory services to the general public and is currently inactive. Integrated Abstract Incorporated is a Pennsylvania corporation that provided title insurance services and is currently inactive. All significant intercompany accounts and transactions have been eliminated in consolidation. The unaudited consolidated financial statements reflect all adjustments, which in the opinion of management, are necessary for a fair presentation of the results of the interim periods and are of a normal and recurring nature. Operating results for the three and six month periods ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending September 30, 2017. |
Earnings per Share
Earnings per Share | 6 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 2. Earnings per Share The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three and six month periods ended March 31, 2017 and 2016. Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2017 2016 2017 2016 Weighted-average common shares outstanding 18,133,095 18,133,095 18,133,095 18,133,095 Average treasury stock shares (6,618,067 ) (6,793,799 ) (6,670,049 ) (6,793,553 ) Average unearned ESOP shares (888,285 ) (933,559 ) (894,004 ) (939,246 ) Average unearned non-vested shares (33,746 ) (20,584 ) (42,958 ) (24,681 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 10,592,997 10,385,153 10,526,084 10,375,615 Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share 1,646 444 — — Additional common stock equivalents (stock options) used to calculate diluted earnings per share 97,317 139,100 91,157 140,155 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 10,691,960 10,524,697 10,617,241 10,515,770 At March 31, 2017 there were 53,371 shares of nonvested stock outstanding at an average weighted price of $11.77 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. At March 31, 2016 there were 48,498 shares of nonvested stock outstanding at an average weighted price of $12.90 per share that were not included in the computation of diluted earnings per share because to do so would have been anti-dilutive. |
Use of Estimates in the Prepara
Use of Estimates in the Preparation of Financial Statements | 6 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Use of Estimates in the Preparation of Financial Statements | 3. Use of Estimates in the Preparation of Financial Statements The accounting principles followed by the Company and its subsidiaries and the methods of applying these principles conform to U.S. generally accepted accounting principles (“GAAP”) and to general practice within the banking industry. In preparing the consolidated financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the Consolidated Balance Sheet date and related revenues and expenses for the period. Actual results could differ from those estimates. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 4. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers Topic 606 In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . Topic 815 For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. An entity has an option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (“SEC”) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) The amendments in this Update clarify what constitutes a financial asset within the scope of Subtopic 610-20. The amendments also clarify that entities should identify each distinct nonfinancial asset or in substance nonfinancial asset that is promised to a counterparty and to derecognize each asset when the counterparty obtains control. There is also additional guidance provided for partial sales of a nonfinancial asset and when derecognition, and the related gain or loss, should be recognized. The amendments in this Update are effective at the same time as the amendments in Update 2014-09. Therefore, for public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In February 2017, the FASB issued ASU 2017-06 , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) This Update relates primarily to the reporting by an employee benefit plan for its interest in a master trust, which is a trust for which a regulated financial institution serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held. For each master trust in which a plan holds an interest, the amendments in this Update require a plan's interest in that master trust and any change in that interest to be presented in separate line items in the statement of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively. The amendments in this Update remove the requirement to disclose the percentage interest in the master trust for plans with divided interests and require that all plans disclose the dollar amount of their interest in each of those general types of investments, which supplements the existing requirement to disclose the master trusts balances in each general type of investments. There are also increased disclosure requirements for investments in master trusts. The amendments in this Update are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2017, the FASB issued ASU 2017-07, Compensation — Retirement Benefits (Topic 715) The amendments in this Update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost as defined in paragraphs 715-30-35-4 and 715-60-35-9 are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. For all other entities, the amendments in the Update are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). |
Investment Securities
Investment Securities | 6 Months Ended |
Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Investment Securities | 5. The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows (in thousands): March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 120,437 $ 244 $ (1,591 ) $ 119,090 Freddie Mac 95,669 73 (1,136 ) 94,606 Governmental National Mortgage Association 14,610 34 (218 ) 14,426 Total mortgage-backed securities 230,716 351 (2,945 ) 228,122 Obligations of states and political subdivisions 68,995 1,314 (974 ) 69,335 U.S. government agency securities 23,344 119 — 23,463 Corporate obligations 45,315 203 (738 ) 44,780 Other debt securities 29,980 122 (512 ) 29,590 Total debt securities 398,350 2,109 (5,169 ) 395,290 Equity securities - financial services 25 — — 25 Total $ 398,375 $ 2,109 $ (5,169 ) $ 395,315 September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 115,535 $ 1,891 $ (173 ) $ 117,253 Freddie Mac 84,486 1,369 (85 ) 85,770 Governmental National Mortgage Association 16,091 76 (28 ) 16,139 Total mortgage-backed securities 216,112 3,336 (286 ) 219,162 Obligations of states and political subdivisions 71,323 2,432 (65 ) 73,690 U.S. government agency securities 25,669 272 — 25,941 Corporate obligations 38,331 599 (512 ) 38,418 Other debt securities 32,962 428 (216 ) 33,174 Total debt securities 384,397 7,067 (1,079 ) 390,385 Equity securities - financial services 25 — — 25 Total $ 384,422 $ 7,067 $ (1,079 ) $ 390,410 The amortized cost and fair value of debt securities at March 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Available For Sale Amortized Cost Fair Value Due in one year or less $ 15,986 $ 16,013 Due after one year through five years 35,680 35,666 Due after five years through ten years 92,538 92,271 Due after ten years 254,146 251,340 Total $ 398,350 $ 395,290 For the three and six months ended March 31, 2017, the Company realized no gross gains or gross losses on proceeds from the sale of investment securities. For the three months ended March 31, 2016, the Company realized gross gains of $365,000 and no gross losses on proceeds from the sale of investment securities of $17.4 million. For the six months ended March 31, 2016, the Company realized gross gains of $368,000 on proceeds from the sale of investment securities of $29.0 million. During the first quarter of fiscal 2016, the Company sold $16.2 million of investment securities which were acquired in the merger with Eagle National Bancorp, Inc (“ENB”). The Company realized no gain or loss from the sale of these securities. The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands): March 31, 2017 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 61 $ 76,418 $ (1,192 ) $ 11,033 $ (399 ) $ 87,451 $ (1,591 ) Freddie Mac 50 66,922 (909 ) 6,701 (227 ) 73,623 (1,136 ) Governmental National Mortgage Association 9 7,292 (181 ) 2,373 (37 ) 9,665 (218 ) Obligations of states and political subdivisions 29 34,982 (974 ) — — 34,982 (974 ) Corporate obligations 23 18,850 (437 ) 6,198 (301 ) 25,048 (738 ) Other debt securities 18 12,303 (338 ) 8,804 (174 ) 21,107 (512 ) Total 190 $ 216,767 $ (4,031 ) $ 35,109 $ (1,138 ) $ 251,876 $ (5,169 ) September 30, 2016 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 17 $ 6,841 $ (21 ) $ 12,261 $ (152 ) $ 19,102 $ (173 ) Freddie Mac 11 7,457 (11 ) 6,375 (74 ) 13,832 (85 ) Governmental National Mortgage Association 5 4,704 (16 ) 1,267 (12 ) 5,971 (28 ) Obligations of states and political subdivisions 12 14,420 (65 ) — — 14,420 (65 ) Corporate obligations 12 8,778 (172 ) 5,303 (340 ) 14,081 (512 ) Other debt securities 13 6,582 (126 ) 6,914 (90 ) 13,496 (216 ) Total 70 $ 48,782 $ (411 ) $ 32,120 $ (668 ) $ 80,902 $ (1,079 ) The Company’s investment securities portfolio contains unrealized losses on securities, including mortgage-related instruments issued or backed by the full faith and credit of the United States government, or generally viewed as having the implied guarantee of the U.S. government, other mortgage backed securities, debt obligations of a U.S. state or political subdivision and corporate debt obligations. The Company reviews its position quarterly and has asserted that at March 31, 2017, the declines outlined in the above table represent temporary declines and the Company would not be required to sell the above securities before their anticipated recovery in market value. The Company has concluded that any impairment of its investment securities portfolio is not other than temporary but is the result of interest rate changes that are not expected to result in the non-collection of principal and interest during the period. |
Loans Receivable, Net and Allow
Loans Receivable, Net and Allowance for Loan Losses | 6 Months Ended |
Mar. 31, 2017 | |
Receivables [Abstract] | |
Loans Receivable, Net and Allowance for Loan Losses | 6. Loans Receivable, Net and Allowance for Loan Losses Loans receivable consist of the following (in thousands): March 31, 2017 September 30, 2016 Real estate loans: Residential $ 592,169 $ 596,645 Construction 3,928 1,733 Commercial 290,411 288,447 Commercial 34,125 39,978 Obligations of states and political subdivisions 61,746 56,923 Home equity loans and lines of credit 45,651 48,163 Auto Loans 186,697 193,078 Other 3,136 3,302 1,217,863 1,228,269 Less allowance for loan losses 9,366 9,056 Net loans $ 1,208,497 $ 1,219,213 Purchased loans acquired in a business combination are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. Upon acquisition, the Company evaluates whether each acquired loan (regardless of size) is within the scope of ASC 310-30, Receivables-Loans and Debt Securities Acquired with Deteriorated Credit Quality On the acquisition date, the preliminary estimate of the unpaid principal balance for all loans evidencing credit impairment acquired in the ENB acquisition was $3.5 million and the estimated fair value of the loans was $2.0 million. Total contractually required payments on these loans, including interest, at the acquisition date was $4.2 million. However, the Company’s preliminary estimate of expected cash flows was $2.2 million. At such date, the Company established a credit risk related non-accretable discount (a discount representing amounts which are not expected to be collected from the customer nor liquidation of collateral) of $2.0 million relating to these impaired loans, reflected in the recorded net fair value. Such amount is reflected as a non-accretable fair value adjustment to loans. The Company further estimated the timing and amount of expected cash flows in excess of the estimated fair value and established an accretable discount of $240,000 on the acquisition date relating to these impaired loans. The carrying value of the loans acquired and accounted for in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality Unpaid principal balance $ 3,468 Interest 717 Contractual cash flows 4,185 Non-accretable discount (1,973 ) Expected cash flows 2,212 Accretable discount (240 ) Estimated fair value $ 1,972 Changes in the accretable yield for purchased credit-impaired loans were as follows, since acquisition, for the three and six month periods ended March 31, 2017 and March 31, 2016 (in thousands): Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 453 $ 448 Reclassification, new additions and other 82 — Accretion (75 ) (83 ) Balance at end of period $ 460 $ 365 Six Months Ended March 31, 2017 2016 Balance at beginning of period $ 478 $ 258 Reclassification, new additions and other 118 240 Accretion (136 ) (133 ) Balance at end of period $ 460 $ 365 The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): March 31, 2017 September 30, 2016 Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Outstanding balance $ 6,309 $ 6,893 Carrying amount $ 5,098 $ 5,563 The following tables show the amount of loans in each category that was individually and collectively evaluated for impairment at the dates indicated (in thousands): Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment March 31, 2017 Real estate loans: Residential $ 592,169 $ 7,011 $ — $ 585,158 Construction 3,928 — — 3,928 Commercial 290,411 10,542 4,453 275,416 Commercial 34,125 1,742 321 32,062 Obligations of states and political subdivisions 61,746 — — 61,746 Home equity loans and lines of credit 45,651 216 324 45,111 Auto loans 186,697 780 — 185,917 Other 3,136 24 — 3,112 Total $ 1,217,863 $ 20,315 $ 5,098 $ 1,192,450 Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment September 30, 2016 Real estate loans: Residential $ 596,645 $ 8,721 $ — $ 587,924 Construction 1,733 — — 1,733 Commercial 288,447 11,237 4,615 272,595 Commercial 39,978 1,698 411 37,869 Obligations of states and political sub divisions 56,923 — — 56,923 Home equity loans and lines of credit 48,163 361 537 47,265 Auto loans 193,078 526 — 192,552 Other 3,302 22 — 3,280 Total $ 1,228,269 $ 22,565 $ 5,563 $ 1,200,141 The Company maintains a loan review system that allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral and financial condition of the borrowers. Specific loan loss allowances are established for identified losses based on a review of such information. A loan evaluated for impairment is considered to be impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due according to the contractual terms of the loan agreement. All loans identified as impaired are evaluated independently. The Company does not aggregate such loans for evaluation purposes. Impairment is measured on a loan-by-loan basis for commercial and construction loans by the present value of expected future cash flows discounted at the loan’s effective interest rate, the loan’s obtainable market price, or the fair value of the collateral if the loan is collateral-dependent. Large groups of smaller balance homogeneous loans are collectively evaluated for impairment. Accordingly, the Company does not separately identify individual consumer and residential mortgage loans for impairment disclosures, unless such loans are part of a larger relationship that is impaired, or are classified as a troubled debt restructuring. A loan is considered to be a troubled debt restructuring (“TDR”) loan when the Company grants a concession to the borrower that it would not otherwise consider because of the borrower’s financial condition. Such concessions include the reduction of interest rates, forgiveness of principal or interest, or other modifications of interest rates that are less than the current market rate for new obligations with similar risk. TDR loans that are in compliance with their modified terms and that yield a market rate at the time of modification may be removed from TDR status after one year of performance. The following tables include the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount at the dates indicated, if applicable (in thousands): Recorded Investment Unpaid Principal Balance Associated Allowance March 31, 2017 With no specific allowance recorded: Real estate loans Residential $ 5,351 $ 7,155 $ — Construction — — — Commercial 10,422 11,569 — Commercial 1,557 1,627 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 211 287 — Auto loans 208 290 — Other 24 29 — Total 17,773 20,957 — With an allowance recorded: Real estate loans Residential 1,660 1,990 128 Construction — — — Commercial 120 128 26 Commercial 185 199 125 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 5 5 5 Auto loans 572 575 201 Other — — — Total 2,542 2,897 485 Total: Real estate loans Residential 7,011 9,145 128 Construction — — — Commercial 10,542 11,697 26 Commercial 1,742 1,826 125 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 216 292 5 Auto loans 780 865 201 Other 24 29 — Total Impaired Loans $ 20,315 $ 23,854 $ 485 Recorded Investment Unpaid Principal Balance Associated Allowance September 30, 2016 With no specific allowance recorded: Real Estate Loans Residential $ 6,721 $ 9,016 $ — Construction — — — Commercial 10,939 12,928 — Commercial 1,698 1,725 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 361 432 — Auto Loans 253 365 — Other 22 22 — Total 19,994 24,488 — With an allowance recorded: Real Estate Loans Residential 2,000 2,151 198 Construction — — — Commercial 298 303 36 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto Loans 273 273 113 Other — — — Total 2,571 2,727 347 Total: Real Estate Loans Residential 8,721 11,167 198 Construction — — — Commercial 11,237 13,231 36 Commercial 1,698 1,725 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 361 432 — Auto Loans 526 638 113 Other 22 22 — Total Impaired Loans $ 22,565 $ 27,215 $ 347 The following tables represent the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired (in thousands): For the Three Months Ended March 31, 2017 2016 2017 2016 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 5,573 $ 7,296 $ 9 $ 22 Construction — — — — Commercial 9,218 12,128 67 131 Commercial 1,637 1,919 29 37 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 202 594 — — Auto loans 102 228 — — Other 8 — — — Total 16,740 22,165 105 190 With an allowance recorded: Real estate loans Residential 1,985 2,679 — 4 Construction — — — — Commercial 341 1,490 — — Commercial 100 6 — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 5 59 — — Auto loans 291 222 2 2 Other — 1 — — Total 2,722 4,457 2 6 Total: Real estate loans Residential 7,558 9,975 9 26 Construction — — — — Commercial 9,559 13,618 67 131 Commercial 1,737 1,925 29 37 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 207 653 — — Auto loans 393 450 2 2 Other 8 1 — — Total Impaired Loans $ 19,462 $ 26,622 $ 107 $ 196 For the Six Months Ended March 31, 2017 2016 2017 2016 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 6,049 $ 8,040 $ 21 $ 48 Construction — — — — Commercial 9,890 12,908 172 307 Commercial 1,665 1,350 62 52 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 260 672 — 2 Auto loans 119 255 — 2 Other 8 — — — Total 17,991 23,225 255 411 With an allowance recorded: Real estate loans Residential 2,025 2,636 — 9 Construction — — — — Commercial 345 974 — — Commercial 59 4 — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 4 66 — — Auto loans 253 181 6 3 Other — — — — Total 2,686 3,861 6 12 Total: Real estate loans Residential 8,074 10,676 21 57 Construction — — — — Commercial 10,235 13,882 172 307 Commercial 1,724 1,354 62 52 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 264 738 — 2 Auto loans 372 436 6 5 Other 8 — — — Total Impaired Loans $ 20,677 $ 27,086 $ 261 $ 423 The Company uses a ten-point internal risk-rating system to monitor the credit quality of the overall loan portfolio. The first six categories are considered not criticized and are aggregated as Pass-rated. The criticized rating categories utilized by management generally follow bank regulatory definitions. The Special Mention category includes assets that are fundamentally sound yet exhibit potentially unacceptable credit risk or deteriorating trends or characteristics which, if left uncorrected, may result in deterioration of the repayment prospects for the asset or in the Company’s credit position at some future date. Loans in the Substandard category have well-defined weaknesses that jeopardize the liquidation of the debt and have a distinct possibility that some loss will be sustained if the weaknesses are not corrected. All loans more than 90 days past due are considered Substandard. Loans in the Doubtful category have all the weaknesses inherent in loans classified as Substandard with the added characteristic that their weaknesses make collection or liquidation in full, on the basis of currently existing facts, conditions, and values, highly questionable and improbable. Loans in the Loss category are considered uncollectible and of little value that their continuance as bankable assets is not warranted. Certain residential real estate loans, construction loans, home equity loans and lines of credit, auto loans and other consumer loans are underwritten and structured using standardized criteria and characteristics, primarily payment performance, and are normally risk rated and monitored collectively on a monthly basis. These are typically loans to individuals in the consumer categories and are delineated as either performing or non-performing. To help ensure that risk ratings are accurate and reflect the present and future capacity of borrowers to repay a loan as agreed, the Bank has a structured loan rating process with several layers of internal and external oversight. Generally, consumer and residential mortgage loans are included in the Pass categories unless a specific action, such as bankruptcy, repossession, or death occurs to raise awareness of a possible credit event. The Bank’s Commercial Loan Officers are responsible for the timely and accurate risk rating recommendation for the loans in their portfolios at origination and on an ongoing basis. The Bank’s Commercial Loan Officers perform an annual review of all commercial relationships $750,000 or greater. Confirmation of the appropriate risk grade is included in the review on an ongoing basis. The Bank engages an external consultant to conduct loan reviews on at least a semi-annual basis. Generally, the external consultant reviews commercial relationships greater than $1,000,000 and/or all criticized relationships. Detailed reviews, including plans for resolution, are performed on loans classified as Substandard on a quarterly basis. Loans in the Special Mention and Substandard categories that are collectively evaluated for impairment are given separate consideration in the determination of the allowance. The following tables present the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard, and Doubtful or Loss within the internal risk rating system at March 31, 2017 and September 30, 2016 (in thousands): Pass Special Mention Substandard Doubtful or Loss Total March 31, 2017 Commercial real estate loans $ 266,868 $ 5,225 $ 18,318 $ — $ 290,411 Commercial 30,657 177 3,291 — 34,125 Obligations of states and political subdivisions 61,746 — — — 61,746 Total $ 359,271 $ 5,402 $ 21,609 $ — $ 386,282 Pass Special Mention Substandard Doubtful or Loss Total September 30, 2016 Commercial real estate loans $ 260,088 $ 8,886 $ 19,473 $ — $ 288,447 Commercial 36,684 180 3,114 — 39,978 Obligations of states and political subdivisions 56,923 — — — 56,923 Total $ 353,695 $ 9,066 $ 22,587 $ — $ 385,348 All other loans are underwritten and structured using standardized criteria and characteristics, primarily payment performance, and are normally risk rated and monitored collectively on a monthly basis. These are typically loans to individuals in the consumer categories and are delineated as either performing or non-performing. The following tables present the risk ratings in the consumer categories of performing and non-performing loans at March 31, 2017 and September 30, 2016 (in thousands): Performing Non- performing Purchased Credit Impaired Total March 31, 2017 Real estate loans: Residential $ 584,544 $ 7,625 $ — $ 592,169 Construction 3,928 — — 3,928 Home equity loans and lines of credit 45,053 274 324 45,651 Auto loans 185,907 790 — 186,697 Other 3,102 34 — 3,136 Total $ 822,534 $ 8,723 $ 324 $ 831,581 Performing Non- performing Purchased Impaired Credit Total September 30, 2016 Real estate loans: Residential $ 587,673 $ 8,972 $ — $ 596,645 Construction 1,733 — — 1,733 Home equity loans and lines of credit 47,213 413 537 48,163 Auto loans 192,734 344 — 193,078 Other 3,271 31 — 3,302 Total $ 832,624 $ 9,760 $ 537 $ 842,921 The Company further monitors the performance and credit quality of the loan portfolio by analyzing the age of the portfolio as determined by the length of time a recorded payment is past due. The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of March 31, 2017 and September 30, 2016 (in thousands): Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non- Accrual Purchased Credit Impaired Total Loans March 31, 2017 Real estate loans Residential $ 582,864 $ 1,081 $ 599 $ — $ 7,625 $ 9,305 $ — $ 592,169 Construction 3,928 — — — — — — 3,928 Commercial 282,390 284 — — 3,284 3,568 4,453 290,411 Commercial 32,994 80 — — 730 810 321 34,125 Obligations of states and political subdivisions 61,746 — — — — — — 61,746 Home equity loans and lines of credit 45,027 18 8 — 274 300 324 45,651 Auto loans 185,398 427 82 — 790 1,299 — 186,697 Other 3,054 48 — — 34 82 — 3,136 Total $ 1,197,401 $ 1,938 $ 689 $ — $ 12,737 $ 15,364 $ 5,098 $ 1,217,863 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non- Accrual Purchased Credit Impaired Total Loans September 30, 2016 Real estate loans Residential $ 585,517 $ 1,496 $ 660 $ — $ 8,972 $ 11,128 $ — $ 596,645 Construction 1,733 — — — — — — 1,733 Commercial 279,019 1,093 191 — 3,529 4,813 4,615 288,447 Commercial 38,862 185 57 — 463 705 411 39,978 Obligations of states and political subdivisions 56,923 — — — — — — 56,923 Home equity loans and lines of credit 47,026 40 147 — 413 600 537 48,163 Auto loans 191,785 717 232 — 344 1,293 — 193,078 Other 3,264 7 — — 31 38 — 3,302 Total $ 1,204,129 $ 3,538 $ 1,287 $ — $ 13,752 $ 18,577 $ 5,563 $ 1,228,269 The allowance for loan losses is maintained at a level necessary to absorb loan losses that are both probable and reasonably estimable. Management, in determining the allowance for loan losses, considers the losses inherent in its loan portfolio and changes in the nature and volume of loan activities, along with the general economic and real estate market conditions. The allowance for loan losses consists of two elements: (1) an allocated allowance, which comprises allowances established on specific loans and class allowances based on historical loss experience and current trends, and (2) an allocated allowance based on general economic conditions and other risk factors in our markets and portfolios. We maintain a loan review system, which allows for a periodic review of our loan portfolio and the early identification of potential impaired loans. Such system takes into consideration, among other things, delinquency status, size of loans, type and market value of collateral and financial condition of the borrowers. General loan loss allowances are based upon a combination of factors including, but not limited to, actual loan loss experience, composition of the loan portfolio, current economic conditions, management’s judgment and losses which are probable and reasonably estimable. The allowance is increased through provisions charged against current earnings and recoveries of previously charged-off loans. Loans that are determined to be uncollectible are charged against the allowance. While management uses available information to recognize probable and reasonably estimable loan losses, future loss provisions may be necessary, based on changing economic conditions. Payments received on impaired loans generally are either applied against principal or reported as interest income, according to management’s judgment as to the collectability of principal. The allowance for loan losses as of March 31, 2017 was maintained at a level that represents management’s best estimate of losses inherent in the loan portfolio, and such losses were both probable and reasonably estimable. In addition, the FDIC and the Pennsylvania Department of Banking and Securities, as an integral part of their examination process, have periodically reviewed our allowance for loan losses. The banking regulators may require that we recognize additions to the allowance based on its analysis and review of information available to it at the time of its examination. Management reviews the loan portfolio on a quarterly basis using a defined, consistently applied process in order to make appropriate and timely adjustments to the allowance for loan losses (“ALL”). When information confirms all or part of specific loans to be uncollectible, these amounts are promptly charged off against the ALL. The following tables summarize changes in the primary segments of the ALL for the three and six month periods ending March 31, 2017 and 2016 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total ALL balance at December 31, 2016 $ 4,450 $ 23 $ 795 $ 965 $ 234 $ 441 $ 2,062 $ 25 $ 347 $ 9,342 Charge-offs (290 ) — (128 ) (1 ) — (6 ) (544 ) — — (969 ) Recoveries 5 — — — — 2 232 4 — 243 Provision (35 ) 7 371 (13 ) 10 8 158 (5 ) 249 750 ALL balance at March 31, 2017 $ 4,130 $ 30 $ 1,038 $ 951 $ 244 $ 445 $ 1,908 $ 24 $ 596 $ 9,366 ALL balance at December 31, 2015 $ 4,747 $ 14 $ 858 $ 705 $ 187 $ 389 $ 1,754 $ 27 $ 576 $ 9,257 Charge-offs (308 ) — (9 ) — — (29 ) (234 ) — — (580 ) Recoveries — — 52 — — 3 80 3 — 138 Provision 216 10 67 33 9 26 325 (5 ) (81 ) 600 ALL balance at March 31, 2016 $ 4,655 $ 24 $ 968 $ 738 $ 196 $ 389 $ 1,925 $ 25 $ 495 $ 9,415 ALL balance at September 30, 2016 $ 4,426 $ 13 $ 852 $ 882 $ 215 $ 455 $ 1,880 $ 25 $ 308 $ 9,056 Charge-offs (366 ) — (218 ) (20 ) — (6 ) (1,061 ) (4 ) — (1,675 ) Recoveries 6 — 10 — — 3 460 6 — 485 Provision 64 17 394 89 29 (7 ) 629 (3 ) 288 1,500 ALL balance at March 31, 2017 $ 4,130 $ 30 $ 1,038 $ 951 $ 244 $ 445 $ 1,908 $ 24 $ 596 $ 9,366 ALL balance at September 30, 2015 $ 5,140 $ 7 $ 671 $ 693 $ 189 $ 461 $ 1,570 $ 27 $ 161 $ 8,919 Charge-offs (399 ) — (9 ) (3 ) — (54 ) (422 ) — — (887 ) Recoveries 3 — 52 1 — 4 117 6 — 183 Provision (89 ) 17 254 47 7 (22 ) 660 (8 ) 334 1,200 ALL balance at March 31, 2016 $ 4,655 $ 24 $ 968 $ 738 $ 196 $ 389 $ 1,925 $ 25 $ 495 $ 9,415 Acquired loans are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. The following table summarizes the primary segments of the ALL, segregated into two categories, the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of March 31, 2017 and September 30, 2016 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total Individually evaluated for impairment $ 128 $ — $ 26 $ 125 $ — $ 5 $ 201 $ — $ — $ 485 Collectively evaluated for impairment 4,002 30 1,012 826 244 440 1,707 24 596 8,881 ALL Balance at March 31, 2017 $ 4,130 $ 30 $ 1,038 $ 951 $ 244 $ 445 $ 1,908 $ 24 $ 596 $ 9,366 Individually evaluated for impairment $ 198 $ — $ 36 $ — $ — $ — $ 113 $ — $ — $ 347 Collectively evaluated for impairment 4,228 13 816 882 215 455 1,767 25 308 8,709 ALL balance at September 30, 2016 $ 4,426 $ 13 $ 852 $ 882 $ 215 $ 455 $ 1,880 $ 25 $ 308 $ 9,056 The allowance for loan losses is based on estimates, and actual losses will vary from current estimates. Management believes that the granularity of the homogeneous pools and the related historical loss ratios and other qualitative factors, as well as the consistency in the application of assumptions, result in an ALL that is representative of the risk found in the components of the portfolio at any given date. Despite the above allocations, the allowance for loan losses is general in nature and is available to absorb losses from any loan segment. The following is a summary of troubled debt restructuring granted during the three months ended March 31, 2017 and 2016 (dollars in thousands): For the Three Months Ended March 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 1 $ 135 $ 135 Construction — — — Commercial 1 132 132 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other 1 24 24 Total 3 $ 291 $ 291 For the Three Months Ended March 31, 2016 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 3 $ 587 $ 587 Construction — — — Commercial 1 77 77 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 4 $ 664 $ 664 The following is a summary of troubled debt restructuring granted during the six months ended March 31, 2017 and 2016 (dollars in thousands): For the Six Months Ended March 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 3 $ 379 $ 379 Construction — — — Commercial 1 132 132 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other 1 24 24 Total 5 $ 535 $ 535 For the Six Months Ended March 31, 2016 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 4 $ 668 $ 668 Construction — — — Commercial 1 77 77 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 5 $ 745 $ 745 Of the three new troubled debt restructurings granted for the three months ended March 31, 2017, one loan for $135,000 was granted terms concessions, one loan for $132,000 was granted terms and rate concessions, and one loan for $24,000 was granted interest rate concessions. Of the four new troubled debt restructurings granted for the three months ended March 31, 2016, two loans totaling $572,000, were granted terms and rate concessions, one loan totaling $15,000 was granted term concessions and one loan totaling $77,000 was granted a rate concession. Of the five new troubled debt restructurings granted for the six months ended March 31, 2017, one loan totaling $135,000 was granted terms concessions, one loan totaling $24,000 was granted interest rate concessions, and three loans totaling $376,000 were granted terms and rate concessions. Of the five new troubled debt restructurings granted for the six months ended March 31, 2016, two loans totaling $572,000 were granted term and rate concessions, two loans totaling $96,000 were granted term concessions and one loan totaling $77,000 was granted a rate concession. For the three months ended March 31, 2017 no loans defaulted on a restructuring agreement within one year of modification. For the six months ended March 31, 2017, one loan totaling $107,000 defaulted on a restructuring agreement within one year of modification. For the three and six months ended March 31, 2016, no loans defaulted on a restructuring agreement within one year of modification. Foreclosed assets acquired in settlement of loans are carried at fair value, less estimated costs to sell, and are included in the Consolidated Balance Sheet. As of March 31, 2017 and September 30, 2016, included with other assets are $3.3 million and $2.7 million, of foreclosed assets, respectively. As of March 31, 2017, included within the foreclosed assets is $2.1 million of consumer residential mortgages that were foreclosed on or received via a deed in lieu transaction prior to the period end. As of March 31, 2017, the Company has initiated formal foreclosure proceedings on $2.2 million of consumer residential mortgages which have not yet been transferred into foreclosed assets. |
Deposits
Deposits | 6 Months Ended |
Mar. 31, 2017 | |
Banking And Thrift [Abstract] | |
Deposits | 7. Deposits Deposits consist of the following major classifications (in thousands): March 31, 2017 September 30, 2016 Non-interest bearing demand accounts $ 150,762 $ 142,924 Interest bearing demand accounts 139,528 167,259 Money market accounts 255,502 249,947 Savings and club accounts 145,478 142,021 Certificates of deposit 547,105 512,669 Total $ 1,238,375 $ 1,214,820 |
Net Periodic Benefit Cost-Defin
Net Periodic Benefit Cost-Defined Benefit Plan | 6 Months Ended |
Mar. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Net Periodic Benefit Cost-Defined Benefit Plan | 8 . Net Periodic Benefit Cost-Defined Benefit Plan For a detailed disclosure on the Bank’s pension and employee benefits plans, please refer to Note 12 of the Company’s Consolidated Financial Statements for the year ended September 30, 2016 included in the Company’s Annual Report on Form 10-K. The following table comprises the components of net periodic benefit cost for the three and six month periods ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, For the Six Months Ended March 31, 2017 2016 2017 2016 Service Cost $ 69 $ 249 $ 378 $ 498 Interest Cost 208 245 443 490 Expected return on plan assets (348 ) (311 ) (689 ) (622 ) Amortization of unrecognized loss 23 119 159 239 Net periodic benefit cost $ (48 ) $ 302 $ 291 $ 605 The Company’s board of directors adopted resolutions to freeze the status of the Defined Benefit Plan (“the plan”) effective February 28, 2017. (“the freeze date”). Accordingly, no additional participants will enter the plan after February 28, 2017; no additional years of service for benefit accrual purposes will be credited after the freeze date under the plan; and compensation earned by participants after the freeze date will not be taken into account under the plan. As a result of the freeze, the Company’s projected benefit obligation decreased by $7.1 million and there was a tax effected $4.7 million increase to accumulated other comprehensive income in the quarter ended March 31, 2017. |
Equity Incentive Plan
Equity Incentive Plan | 6 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | 9 . Equity Incentive Plan The Company previously maintained the ESSA Bancorp, Inc. 2007 Equity Incentive Plan (the “Plan”). The Plan provided for a total of 2,377,326 shares of common stock for issuance upon the grant or exercise of awards. Of the shares that were available under the Plan, 1,698,090 were available to be issued in connection with the exercise of stock options and 679,236 were available to be issued as restricted stock. The Plan allowed for the granting of non-qualified stock options (“NSOs”), incentive stock options (“ISOs”), and restricted stock. Options granted under the plan were granted at no less than the fair value of the Company’s common stock on the date of the grant. As of the effective date of the 2016 Equity Incentive Plan (detailed below), no further grants will be made under the Plan and forfeitures of outstanding awards under the Plan will be added to the shares available under the 2016 Equity Incentive Plan. The Company replaced the 2007 Equity Incentive Plan with the ESSA Bancorp, Inc. 2016 Equity Incentive Plan (the “2016 Plan”) which was approved by shareholders on March 3, 2016. The 2016 Plan provides for a total of 250,000 shares of common stock for issuance upon the grant or exercise of awards. The 2016 Plan allows for the granting of restricted stock, restricted stock units, ISOs and NSOs. Certain officers, employees and outside directors were granted in aggregate 1,140,469 NSOs; 317,910 ISOs; and 590,320 shares of restricted stock on May 23, 2008. Certain officers were granted in aggregate 30,000 shares of restricted stock on April 1, 2013, 19,880 shares of restricted stock on July 22, 2014, 21,843 shares of restricted stock on May 20, 2015, 23,491 shares of restricted stock on March 4, 2016, 20,675 shares of restricted stock on December 13, 2016 and 3,296 shares of restricted stock on March 29, 2017. In accordance with generally accepted accounting principles, the Company expenses the fair value of all share-based compensation grants over the requisite service periods. The Company classifies share-based compensation for employees and outside directors within “Compensation and employee benefits” in the Consolidated Statement of Income to correspond with the same line item as compensation paid. Stock options vest over a five-year service period and expire ten years after the grant date. The Company recognizes compensation expense for the fair values of these awards, which vest on a straight-line basis over the requisite service period of the awards. The 2013 restricted stock shares vested over an 18 month service period. The 2014 restricted shares vest over a 39 month service period. The 2015 restricted shares vest over a 40 month service period. The March 4, 2016 restricted shares vest over a 43 month service period. The December 13, 2016 restricted shares vest over a 46 month service period. The March 29, 2017 restricted shares vest over 42 months for 1,296 shares and over 18 months for 2,000 shares. The product of the number of shares granted and the grant date market price of the Company’s common stock determines the fair value of restricted shares under the Company’s restricted stock plan. For the six months ended March 31, 2017 and 2016, the Company recorded $145,000 and $79,000 of share-based compensation expense, respectively, comprised of restricted stock expense. Expected future compensation expense relating to the restricted shares issued in 2014, at March 31, 2017 is $32,000 over the remaining vesting period of 0.5 years. Expected future compensation expense relating to the restricted shares issued in 2015, at March 31, 2017 is $123,000 over the remaining vesting period of 1.5 years. Expected future compensation expense relating to the restricted shares issued in March 2016, at March 31, 2017 is $213,000 over the remaining vesting period of 2.5 years. Expected future compensation expense relating to the restricted shares issued in December 2016, at March 31, 2017 is $313,000 over the remaining vesting period of 3.5 years. Expected future compensation expense relating to the restricted shares (1,296) issued in March 2017, at March 31, 2017 is $19,000 over the remaining vesting period of 3.5 years. Expected future compensation expense relating to the restricted shares (2,000) issued in March 2017, at March 31, 2017 is $29,000 over the remaining vesting period of 1.5 years. The following is a summary of the Company’s stock option activity and related information for its option grants for the six month period ended March 31, 2017. Number of Stock Options Weighted- average Exercise Price Weighted- average Remaining Contractual Term (in Aggregate Intrinsic Value (in thousands) Outstanding, September 30, 2016 905,987 $ 12.35 1.67 $ 1,341 Granted — — — — Exercised 488,491 12.35 1.17 — Forfeited — — — — Outstanding, March 31, 2017 417,496 $ 12.35 1.17 $ 932 Exercisable at March 31, 2017 417,496 $ 12.35 1.17 $ 932 The following is a summary of the status of the Company’s restricted stock as of March 31, 2017, and changes therein during the six month period then ended: Number of Restricted Weighted- average Grant Date Fair Value Nonvested at September 30, 2016 31,896 $ 13.11 Granted 23,971 16.28 Vested — — Forfeited — — Nonvested at March 31, 2017 55,867 $ 14.50 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 10. Fair Value Measurement The following disclosures show the hierarchal disclosure framework associated within the level of pricing observations utilized in measuring assets and liabilities at fair value. The definition of fair value maintains the exchange price notion in earlier definitions of fair value but focuses on the exit price of the asset or liability. The exit price is the price that would be received to sell the asset or paid to transfer the liability adjusted for certain inherent risks and restrictions. Expanded disclosures are also required about the use of fair value to measure assets and liabilities. The following table presents information about the Company’s securities, derivatives, other real estate owned, impaired loans and mortgage servicing rights measured at fair value as of March 31, 2017 and September 30, 2016 and indicates the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value: Fair Value Measurement at March 31, 2017 Fair Value Measurements Utilized for the Company’s Financial Assets (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balances as of December 31, 2016 Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 228,122 $ — $ 228,122 Obligations of states and political subdivisions — 69,335 — 69,335 U.S. government agencies — 23,463 — 23,463 Corporate obligations — 36,045 8,735 44,780 Other debt securities — 29,590 — 29,590 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 386,555 $ 8,735 $ 395,315 Derivatives $ — $ 1,397 $ — $ 1,397 Assets measured at fair value on a nonrecurring basis: Foreclosed real estate $ — $ — $ 3,315 $ 3,315 Impaired loans $ — $ — $ 19,830 $ 19,830 Mortgage servicing rights $ — $ — $ 321 $ 321 Fair Value Measurement at September 30, 2016 Fair Value Measurements Utilized for the Company’s Financial Assets (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balances as of September 30, 2016 Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 219,162 $ — $ 219,162 Obligations of states and political subdivisions — 73,690 — 73,690 U.S. government agencies — 25,941 — 25,941 Corporate obligations — 31,433 6,985 38,418 Other debt securities — 32,674 500 33,174 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 382,900 $ 7,485 $ 390,410 Derivatives $ — $ 453 $ — $ 453 Assets measured at fair value on a nonrecurring basis: Foreclosed real estate $ — $ — $ 2,659 $ 2,659 Impaired loans $ — $ — $ 22,218 $ 22,218 Mortgage Servicing rights $ — $ — $ 398 $ 398 The following tables present a summary of changes in the fair value of the Company’s Level III investments for the three and six month periods ended March 31, 2017 and 2016 (in thousands). Fair Value Measurement Using Significant Unobservable Inputs (Level III) Three Months Ended March 31, 2017 March 31, 2016 Beginning balance $ 8,238 $ 7,136 Purchases, sales, issuances, settlements, net 756 — Total unrealized gain (loss): Included in earnings — — Included in other comprehensive income (259 ) (64 ) Transfers in and/or out of Level III — — $ 8,735 $ 7,072 Fair Value Measurement Using Significant Unobservable Inputs (Level III) Six Months Ended March 31, 2017 March 31, 2016 Beginning balance $ 7,485 $ 4,211 Purchases, sales, issuances, settlements, net 756 3,000 Total unrealized gain (loss): Included in earnings — — Included in other comprehensive income 494 (139 ) Transfers in and/or out of Level III — — $ 8,735 $ 7,072 Each financial asset and liability is identified as having been valued according to a specified level of input, 1, 2 or 3. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Fair values determined by Level 2 inputs utilize inputs other than quoted prices included in Level 1 that are observable for the asset, either directly or indirectly. Level 2 inputs include quoted prices for similar assets in active markets, and inputs other than quoted prices that are observable for the asset or liability. Level 3 inputs are unobservable inputs for the asset, and include situations where there is little, if any, market activity for the asset or liability. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, the level in the fair value hierarchy, within which the fair value measurement in its entirety falls, has been determined based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset. The measurement of fair value should be consistent with one of the following valuation techniques: market approach, income approach, and/or cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities (including a business). For example, valuation techniques consistent with the market approach often use market multiples derived from a set of comparables. Multiples might lie in ranges with a different multiple for each comparable. The selection of where within the range the appropriate multiple falls requires judgment, considering factors specific to the measurement (qualitative and quantitative). Valuation techniques consistent with the market approach include matrix pricing. Matrix pricing is a mathematical technique used principally to value debt securities without relying exclusively on quoted prices for the specific securities, but rather by relying on a security’s relationship to other benchmark quoted securities. Most of the securities classified as available for sale are reported at fair value utilizing Level 2 inputs. For these securities, the Company obtains fair value measurements from an independent pricing service. The fair value measurements consider observable data that may include dealer quoted market spreads, cash flows, the U.S. Treasury yield curve, live trading levels, trade execution data, market consensus prepayment speeds, credit information and the bond’s terms and conditions, among other things. Securities reported at fair value utilizing Level 1 inputs are limited to actively traded equity securities whose market price is readily available from the New York Stock Exchange or the NASDAQ exchange. A few securities are valued using Level 3 inputs, all of these are classified as available for sale and are reported at fair value using Level 3 inputs. Mortgage servicing rights are also valued by an independent pricing service. Foreclosed real estate is measured at fair value, less cost to sell at the date of foreclosure, valuations are periodically performed by management and the assets are carried at the lower of carrying amount or fair value, less cost to sell. Income and expenses from operations and changes in valuation allowance are included in the net expenses from foreclosed real estate. Impaired loans are reported at fair value utilizing level three inputs. For these loans, a review of the collateral is conducted and an appropriate allowance for loan losses is allocated to the loan. At March 31, 2017, 177 impaired loans with a carrying value of $20.3 million were reduced by specific valuation allowance totaling $485,000 resulting in a net fair value of $19.8 million based on Level 3 inputs. At September 30, 2016, 205 impaired loans with a carrying value of $22.6 million were reduced by a specific valuation totaling $347,000 resulting in a net fair value of $22.2 million based on Level 3 inputs. The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range March 31, 2017 Impaired loans $ 19,830 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 50% (23.4%) Foreclosed real estate owned 3,315 Appraisal of collateral (1) Appraisal adjustments (2) 20% to 50% (21.0%) Mortgage servicing rights 321 Discounted cash flow Discount rate 12% to 16% (12.5%) Prepayment speeds 9% to 35% (15.0%) Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range September 30, 2016: Impaired loans $ 22,218 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 60% (23.0%) Foreclosed real estate owned 2,659 Appraisal of collateral (1) Appraisal adjustments (2) 20% to 46% (22.1%) Mortgage servicing rights 398 Discounted cash flow Discount rate 12% to 16% (12.0%) Prepayment speeds 2% to 33% (17.2%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. The fair values presented represent the Company’s best estimate of fair value using the methodologies discussed below. Disclosures about Fair Value of Financial Instruments The fair values presented represent the Company’s best estimate of fair value using the methodologies discussed below (in thousands). March 31, 2017 Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 36,443 $ 36,443 $ — $ — $ 36,443 Certificates of deposit 1,000 — — 1,010 1,010 Investment and mortgage backed securities available for sale 395,315 25 386,555 8,735 395,315 Loans receivable, net 1,208,497 — — 1,203,706 1,203,706 Accrued interest receivable 5,929 5,929 — — 5,929 Regulatory stock 13,961 13,961 — — 13,961 Mortgage servicing rights 321 — — 321 321 Derivatives 1,397 — 1,397 — 1,397 Bank owned life insurance 37,112 37,112 — — 37,112 Financial liabilities: Deposits $ 1,238,375 $ 691,270 $ — $ 548,202 $ 1,239,472 Short-term borrowings 120,951 120,951 — — 120,951 Other borrowings 199,168 — — 199,219 199,219 Advances by borrowers for taxes and insurance 9,115 9,115 — — 9,115 Accrued interest payable 863 863 — — 863 September 30, 2016 Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 43,658 $ 43,658 $ — $ — $ 43,658 Certificates of deposit 1,250 — — 1,269 1,269 Investment and mortgage backed securities available for sale 390,410 25 382,900 7,485 390,410 Loans receivable, net 1,219,213 — — 1,237,759 1,237,759 Accrued interest receivable 5,769 5,769 — — 5,769 Regulatory stock 15,463 15,463 — — 15,463 Mortgage servicing rights 398 — — 398 398 Derivatives 453 — 453 — 453 Bank owned life insurance 36,593 36,593 — — 36,593 Financial liabilities: Deposits $ 1,214,820 $ 702,151 $ — $ 516,743 $ 1,218,894 Short-term borrowings 129,460 129,460 — — 129,460 Other borrowings 230,601 — — 231,911 231,911 Advances by borrowers for taxes and insurance 4,956 4,956 — — 4,956 Accrued interest payable 1,046 1,046 — — 1,046 Financial instruments are defined as cash, evidence of an ownership interest in an entity, or a contract which creates an obligation or right to receive or deliver cash or another financial instrument from/to a second entity on potentially favorable or unfavorable terms. Fair value is defined as the amount at which a financial instrument could be exchanged in a current transaction between willing parties other than in a forced or liquidation sale. If a quoted market price is available for a financial instrument, the fair value would be calculated based upon the market price per trading unit of the instrument. If no readily available market exists, the fair value for financial instruments should be based upon management’s judgment regarding current economic conditions, interest rate risk, expected cash flows, future estimated losses, and other factors as determined through various option pricing formulas or simulation modeling. As many of these assumptions result from judgments made by management based upon estimates which are inherently uncertain, the resulting values may not be indicative of the amount realizable in the sale of a particular financial instrument. In addition, changes in the assumptions on which the values are based may have a significant impact on the resulting estimated values. As certain assets and liabilities, such as deferred tax assets, premises and equipment, and many other operational elements of the Bank, are not considered financial instruments but have value, this fair value of financial instruments would not represent the full market value of the Company. The Company employed simulation modeling in determining the fair value of financial instruments for which quoted market prices were not available based upon the following assumptions: Cash and Cash Equivalents, Accrued Interest Receivable, Short-Term Borrowings, Advances by Borrowers for Taxes and Insurance, and Accrued Interest Payable The fair value approximates the current book value. Bank-Owned Life Insurance The fair value is equal to the cash surrender value of the Bank-owned life insurance. Investment and Mortgage-Backed Securities Available for Sale and Regulatory Stock The fair value of investment and mortgage-backed securities available for sale is equal to the available quoted market price. If no quoted market price is available, fair value is estimated using the quoted market price for similar securities. Since the Regulatory stock is not actively traded on a secondary market and held exclusively by member financial institutions, the fair market value approximates the carrying amount. For certain securities which are not traded in active markets or are subject to transfer restrictions, valuations are adjusted to reflect illiquidity and/or non-transferability, and such adjustments are generally based on available market evidence (Level 3). In the absence of such evidence, management’s best estimate is used. Management’s best estimate consists of both internal and external support on certain Level 3 investments. Internal cash flow models using a present value formula that includes assumptions market participants would use along with indicative exit pricing obtained from broker/dealers (where available) are used to support fair values of certain Level 3 investments, if applicable. Loans Receivable The fair values of loans are estimated using discounted cash flow analyses, using market rates at the balance sheet date that reflect the credit and interest rate-risk inherent in the loans. Projected future cash flows are calculated based upon contractual maturity or call dates, projected repayments and prepayments of principal. Generally, for variable rate loans that reprice frequently and with no significant change in credit risk, fair values are based on carrying values. Mortgage Servicing Rights The Company utilizes a third party provider to estimate the fair value of certain loan servicing rights. Fair value for the purpose of this measurement is defined as the amount at which the asset could be exchanged in a current transaction between willing parties, other than in a forced liquidation. Derivatives Fair values of interest rate cap and interest rate swap contracts are based on dealer quotes. Deposits (including Certificates of Deposit) The fair values disclosed for demand, savings, and money market deposit accounts are valued at the amount payable on demand as of quarter-end. Fair values for time deposits are estimated using a discounted cash flow calculation that applies contractual costs currently being offered in the existing portfolio to current market rates being offered for deposits of similar remaining maturities. Other Borrowings Fair values for other borrowings are estimated using a discounted cash flow calculation that applies contractual costs currently being offered in the existing portfolio to current market rates being offered for other borrowings of similar remaining maturities. Commitments to Extend Credit These financial instruments are generally not subject to sale, and fair values are not readily available. The carrying value, represented by the net deferred fee arising from the unrecognized commitment, and the fair value, determined by discounting the remaining contractual fee over the term of the commitment using fees currently charged to enter into similar agreements with similar credit risk, are not considered material for disclosure. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 6 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | 11. Accumulated Other Comprehensive Loss The activity in accumulated other comprehensive loss for the three and six month periods ended March 31, 2017 and 2016 is as follows (in thousands): Accumulated Other Comprehensive Loss Defined Benefit Pension Plan Unrealized (Losses) on Securities Available for Sale Derivatives Total Balance at December 31, 2016 $ (5,993 ) $ (2,801 ) $ 899 $ (7,895 ) Other comprehensive income before reclassifications 4,714 781 25 5,520 Amounts reclassified from accumulated other comprehensive loss, net of tax 13 — (2 ) 11 Period change 4,727 781 23 5,531 Balance at March 31, 2017 $ (1,266 ) $ (2,020 ) $ 922 $ (2,364 ) Balance at December 31, 2015 $ (5,246 ) $ 684 $ — $ (4,562 ) Other comprehensive income before reclassifications — 3,287 — 3,287 Amounts reclassified from accumulated other comprehensive loss, net of tax 79 (241 ) — (162 ) Period change 79 3,046 — 3,125 Balance at March 31, 2016 $ (5,167 ) $ 3,730 $ — $ (1,437 ) Accumulated Other Comprehensive Income/(Loss) Defined Benefit Pension Plan Unrealized Gains (Losses) on Securities Available for Sale Derivatives Total Balance at September 30, 2016 $ (6,083 ) $ 3,952 $ 299 $ (1,832 ) Other comprehensive income (loss) before reclassifications 4,714 (5,972 ) 619 (639 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 103 — 4 107 Period change 4,817 (5,972 ) 623 (532 ) Balance at March 31, 2017 $ (1,266 ) $ (2,020 ) $ 922 $ (2,364 ) Balance at September 30, 2015 $ (5,325 ) $ 2,930 $ — $ (2,395 ) Other comprehensive income before reclassifications — 1,043 — 1,043 Amounts reclassified from accumulated other comprehensive loss, net of tax 158 (243 ) — (85 ) Period change 158 800 — 958 Balance at March 31, 2016 $ (5,167 ) $ 3,730 $ — $ (1,437 ) The following tables present significant amounts reclassified out of each component of accumulated other comprehensive loss for the three and six month periods ended March 31, 2017 and 2016: Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss for the Three Months Ended March 31, Affected Line Item in the Consolidated Statement of Income 2017 2016 Securities available for sale: Securities gains reclassified into earnings $ — $ 365 Gain on sale of investments Related income tax expense — (124 ) Income taxes Net effect on accumulated other comprehensive loss for the period — 241 Defined benefit pension plan: Amortization of net loss (23 ) (119 ) Compensation and employee Related income tax expense 10 40 Income taxes Net effect on accumulated other comprehensive loss for the period (13 ) (79 ) Derivatives and hedging activities: Interest expense, effective portion 5 — Interest expense Related income tax expense (3 ) — Income taxes Net effect on accumulated other comprehesive loss for the period 2 (79 ) Total reclassification for the period $ (11 ) $ 162 Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss for the Six Months Ended March 31, Affected Line Item in the Consolidated Statement of Income 2017 2016 Securities available for sale: Securities gains reclassified into earnings $ — $ 368 Gain on sale of investments Related income tax expense — (125 ) Income taxes Net effect on accumulated other comprehensive loss for the period — 243 Defined benefit pension plan: Amortization of net loss (159 ) (239 ) Compensation and employee benefits Related income tax expense 56 81 Income taxes Net effect on accumulated other comprehensive loss for the period (103 ) (158 ) Derivative and hedging activities: Interest expense, effective portion (6 ) — Interest expense Related income tax expense 2 — Income taxes Net effect on accumulated other comprehensive loss for the period (4 ) — Total reclassification for the period $ (107 ) $ 85 |
Derivative and Hedging Activiti
Derivative and Hedging Activities | 6 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging Activities | 12. Derivatives and Hedging Activities Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk, primarily by managing the amount, sources, and duration of its assets and liabilities and through the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to certain variable rate borrowings. Fair Values of Derivative Instruments on the Consolidated Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of March 31, 2017 and September 30, 2016 (in thousands). Fair Values of Derivative Instruments Asset Derivatives As of March 31, 2017 As of September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest Rate Products Other Assets $ 1,397 Other Assets $ 453 Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest income and expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company has entered into interest rate swaps as part of its interest rate risk management strategy. These interest rate swaps are designated as cash flow hedges and involve the receipt of variable rate amounts from a counterparty in exchange for the Company making fixed payments. As of March 31, 2017, the Company had three interest rate swaps with a notional principal amount of $50 million associated with the Company’s cash outflows associated with various FHLB advances. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings), net of tax, and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in cash flows of the derivative hedging instrument with the changes in cash flows of the designated hedged transactions. The Company did not recognize any hedge ineffectiveness in earnings during the period ended March 31, 2017. Amounts reported in accumulated other comprehensive loss related to derivatives will be reclassified to interest income/expense as interest payments are made/received on the Company’s variable-rate assets/liabilities. During the three months ended March 31, 2017, the Company had $5,000 of reclassifications to interest income. During the six months ended March 31, 2017, the Company had $6,000 of reclassifications to interest expense. During the next twelve months, the Company estimates that $0 will be reclassified as a decrease in interest expense. The tables below present the pre-tax net gains (losses) of the Company’s cash flow hedges for the three and six month periods ended March 31, 2017 and 2016, respectively, and where they were recorded in the Consolidated Statement of Income, (in thousands). Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative (Effective Portion) Three Months Ended March 31, Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Gain Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 Interest Rate Products $ 40 $ — Interest expense $ 5 $ — Other non-interest income $ — $ — Ending balance of OCI Total $ 40 $ — $ 5 $ — $ — $ — Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative (Effective Portion) Six Months Ended March 31, Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Six Months Ended March 31, Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Six Months Ended March 31, 2017 2016 2017 2016 2017 2016 Interest Rate Products $ 1,092 $ — Interest expense $ (6 ) $ — Other non-interest income $ — $ — Ending balance of OCI Total $ 1,092 $ — $ (6 ) $ — $ — $ — Credit-risk-related Contingent Features The Company has agreements with its derivative counterparties that contain a provision where if the Company defaults on any of its indebtedness, including default where repayment of the indebtedness has not been accelerated by the lender, then the Company could also be declared in default on its derivative obligations. The Company also has agreements with certain of its derivative counterparties that contain a provision where if the Company fails to maintain its status as a well / adequately capitalized institution, then the counterparty could terminate the derivative positions and the Company would be required to settle its obligations under the agreements. As of March 31, 2017 the Company had no derivatives in a net liability position and was not required to post collateral against its obligations under these agreements. If the Company had breached any of these provisions at March 31, 2017, it could have been required to settle its obligations under the agreements at the termination value. |
Recent Accounting Pronounceme21
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Mar. 31, 2017 | |
Accounting Changes And Error Corrections [Abstract] | |
Revenue from Contracts with Customers | In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers Topic 606 In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606). Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Deferral of the Effective Date In May 2016, the FASB issued ASU 2016-12, Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date |
Financial Instruments | In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments |
Lease | In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Derivatives and Hedging | In March 2016, the FASB issued ASU 2016-05, Derivatives and Hedging (Topic 815) . Topic 815 For public business entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2016, and interim periods within those fiscal years. For all other entities, the amendments in this Update are effective for financial statements issued for fiscal years beginning after December 15, 2017, and interim periods within fiscal years beginning after December 15, 2018. An entity has an option to apply the amendments in this Update on either a prospective basis or a modified retrospective basis. Early adoption is permitted, including adoption in an interim period. This Update is not expected to have a significant impact on the Company’s financial statements. In March 2016, the FASB issued ASU 2016-06, Derivatives and Hedging (Topic 815) |
Investments | In March 2016, the FASB issued ASU 2016-07, Investments – Equity Method and Joint Ventures (Topic 323) |
Statement of Cash Flows | In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments |
Business Combinations | In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805), Clarifying the Definition of a Business |
Goodwill Impairment | In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment To simplify the subsequent measurement of goodwill, the FASB eliminated Step 2 from the goodwill impairment test. In computing the implied fair value of goodwill under Step 2, an entity had to perform procedures to determine the fair value at the impairment testing date of its assets and liabilities (including unrecognized assets and liabilities) following the procedure that would be required in determining the fair value of assets acquired and liabilities assumed in a business combination. Instead, under the amendments in this Update, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. A public business entity that is a U.S. Securities and Exchange Commission (“SEC”) filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. A public business entity that is not an SEC filer should adopt the amendments in this Update for its annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2020. All other entities, including not-for-profit entities, that are adopting the amendments in this Update should do so for their annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Other Income | In February 2017, the FASB issued ASU 2017-05, Other Income — Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20) The amendments in this Update clarify what constitutes a financial asset within the scope of Subtopic 610-20. The amendments also clarify that entities should identify each distinct nonfinancial asset or in substance nonfinancial asset that is promised to a counterparty and to derecognize each asset when the counterparty obtains control. There is also additional guidance provided for partial sales of a nonfinancial asset and when derecognition, and the related gain or loss, should be recognized. The amendments in this Update are effective at the same time as the amendments in Update 2014-09. Therefore, for public entities, the amendments are effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within that reporting period. For all other entities, the amendments in this Update are effective for annual reporting periods beginning after December 15, 2018, and interim reporting periods within annual reporting periods beginning after December 15, 2019. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Defined Benefit Pension Plans | In February 2017, the FASB issued ASU 2017-06 , Plan Accounting: Defined Benefit Pension Plans (Topic 960), Defined Contribution Pension Plans (Topic 962), and Health and Welfare Benefit Plans (Topic 965) This Update relates primarily to the reporting by an employee benefit plan for its interest in a master trust, which is a trust for which a regulated financial institution serves as a trustee or custodian and in which assets of more than one plan sponsored by a single employer or by a group of employers under common control are held. For each master trust in which a plan holds an interest, the amendments in this Update require a plan's interest in that master trust and any change in that interest to be presented in separate line items in the statement of net assets available for benefits and in the statement of changes in net assets available for benefits, respectively. The amendments in this Update remove the requirement to disclose the percentage interest in the master trust for plans with divided interests and require that all plans disclose the dollar amount of their interest in each of those general types of investments, which supplements the existing requirement to disclose the master trusts balances in each general type of investments. There are also increased disclosure requirements for investments in master trusts. The amendments in this Update are effective for fiscal years beginning after December 15, 2018. Early adoption is permitted. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Compensation | In March 2017, the FASB issued ASU 2017-07, Compensation — Retirement Benefits (Topic 715) The amendments in this Update require that an employer report the service cost component in the same line item or items as other compensation costs arising from services rendered by the pertinent employees during the period. The other components of net benefit cost as defined in paragraphs 715-30-35-4 and 715-60-35-9 are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations, if one is presented. If a separate line item or items are used to present the other components of net benefit cost, that line item or items must be appropriately described. If a separate line item or items are not used, the line item or items used in the income statement to present the other components of net benefit cost must be disclosed. For public business entities, the amendments in this Update are effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. For all other entities, the amendments in the Update are effective for annual periods beginning after December 15, 2018, and interim periods within annual periods beginning after December 15, 2019. Early adoption is permitted as of the beginning of an annual period for which financial statements (interim or annual) have not been issued or made available for issuance. The Company is currently evaluating the impact the adoption of the standard will have on the Company’s financial position or results of operations. |
Receivables | In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20). |
Earnings per Share (Tables)
Earnings per Share (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Composition of the Weighted-Average Common Shares (Denominator) Used in the Basic and Diluted Earnings Per Share Computation | The following table sets forth the composition of the weighted-average common shares (denominator) used in the basic and diluted earnings per share computation for the three and six month periods ended March 31, 2017 and 2016. Three Months Ended Six Months Ended March 31, March 31, March 31, March 31, 2017 2016 2017 2016 Weighted-average common shares outstanding 18,133,095 18,133,095 18,133,095 18,133,095 Average treasury stock shares (6,618,067 ) (6,793,799 ) (6,670,049 ) (6,793,553 ) Average unearned ESOP shares (888,285 ) (933,559 ) (894,004 ) (939,246 ) Average unearned non-vested shares (33,746 ) (20,584 ) (42,958 ) (24,681 ) Weighted average common shares and common stock equivalents used to calculate basic earnings per share 10,592,997 10,385,153 10,526,084 10,375,615 Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share 1,646 444 — — Additional common stock equivalents (stock options) used to calculate diluted earnings per share 97,317 139,100 91,157 140,155 Weighted average common shares and common stock equivalents used to calculate diluted earnings per share 10,691,960 10,524,697 10,617,241 10,515,770 |
Investment Securities (Tables)
Investment Securities (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale | The amortized cost, gross unrealized gains and losses, and fair value of investment securities available for sale are summarized as follows (in thousands): March 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 120,437 $ 244 $ (1,591 ) $ 119,090 Freddie Mac 95,669 73 (1,136 ) 94,606 Governmental National Mortgage Association 14,610 34 (218 ) 14,426 Total mortgage-backed securities 230,716 351 (2,945 ) 228,122 Obligations of states and political subdivisions 68,995 1,314 (974 ) 69,335 U.S. government agency securities 23,344 119 — 23,463 Corporate obligations 45,315 203 (738 ) 44,780 Other debt securities 29,980 122 (512 ) 29,590 Total debt securities 398,350 2,109 (5,169 ) 395,290 Equity securities - financial services 25 — — 25 Total $ 398,375 $ 2,109 $ (5,169 ) $ 395,315 September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Available for Sale Fannie Mae $ 115,535 $ 1,891 $ (173 ) $ 117,253 Freddie Mac 84,486 1,369 (85 ) 85,770 Governmental National Mortgage Association 16,091 76 (28 ) 16,139 Total mortgage-backed securities 216,112 3,336 (286 ) 219,162 Obligations of states and political subdivisions 71,323 2,432 (65 ) 73,690 U.S. government agency securities 25,669 272 — 25,941 Corporate obligations 38,331 599 (512 ) 38,418 Other debt securities 32,962 428 (216 ) 33,174 Total debt securities 384,397 7,067 (1,079 ) 390,385 Equity securities - financial services 25 — — 25 Total $ 384,422 $ 7,067 $ (1,079 ) $ 390,410 |
Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity | The amortized cost and fair value of debt securities at March 31, 2017, by contractual maturity, are shown below. Expected maturities will differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties (in thousands): Available For Sale Amortized Cost Fair Value Due in one year or less $ 15,986 $ 16,013 Due after one year through five years 35,680 35,666 Due after five years through ten years 92,538 92,271 Due after ten years 254,146 251,340 Total $ 398,350 $ 395,290 |
Schedule of Gross Unrealized Losses and Fair Value | The following table shows the Company’s gross unrealized losses and fair value, aggregated by investment category and length of time that the individual securities have been in a continuous unrealized loss position (dollars in thousands): March 31, 2017 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 61 $ 76,418 $ (1,192 ) $ 11,033 $ (399 ) $ 87,451 $ (1,591 ) Freddie Mac 50 66,922 (909 ) 6,701 (227 ) 73,623 (1,136 ) Governmental National Mortgage Association 9 7,292 (181 ) 2,373 (37 ) 9,665 (218 ) Obligations of states and political subdivisions 29 34,982 (974 ) — — 34,982 (974 ) Corporate obligations 23 18,850 (437 ) 6,198 (301 ) 25,048 (738 ) Other debt securities 18 12,303 (338 ) 8,804 (174 ) 21,107 (512 ) Total 190 $ 216,767 $ (4,031 ) $ 35,109 $ (1,138 ) $ 251,876 $ (5,169 ) September 30, 2016 Number of Securities Less than Twelve Months Twelve Months or Greater Total Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fair Value Gross Unrealized Losses Fannie Mae 17 $ 6,841 $ (21 ) $ 12,261 $ (152 ) $ 19,102 $ (173 ) Freddie Mac 11 7,457 (11 ) 6,375 (74 ) 13,832 (85 ) Governmental National Mortgage Association 5 4,704 (16 ) 1,267 (12 ) 5,971 (28 ) Obligations of states and political subdivisions 12 14,420 (65 ) — — 14,420 (65 ) Corporate obligations 12 8,778 (172 ) 5,303 (340 ) 14,081 (512 ) Other debt securities 13 6,582 (126 ) 6,914 (90 ) 13,496 (216 ) Total 70 $ 48,782 $ (411 ) $ 32,120 $ (668 ) $ 80,902 $ (1,079 ) |
Loans Receivable, Net and All24
Loans Receivable, Net and Allowance for Loan Losses (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Summary of Loans Receivable | Loans receivable consist of the following (in thousands): March 31, 2017 September 30, 2016 Real estate loans: Residential $ 592,169 $ 596,645 Construction 3,928 1,733 Commercial 290,411 288,447 Commercial 34,125 39,978 Obligations of states and political subdivisions 61,746 56,923 Home equity loans and lines of credit 45,651 48,163 Auto Loans 186,697 193,078 Other 3,136 3,302 1,217,863 1,228,269 Less allowance for loan losses 9,366 9,056 Net loans $ 1,208,497 $ 1,219,213 |
Schedule of Investment and Unpaid Principal Balances for Impaired Loans | The following tables include the recorded investment and unpaid principal balances for impaired loans with the associated allowance amount at the dates indicated, if applicable (in thousands): Recorded Investment Unpaid Principal Balance Associated Allowance March 31, 2017 With no specific allowance recorded: Real estate loans Residential $ 5,351 $ 7,155 $ — Construction — — — Commercial 10,422 11,569 — Commercial 1,557 1,627 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 211 287 — Auto loans 208 290 — Other 24 29 — Total 17,773 20,957 — With an allowance recorded: Real estate loans Residential 1,660 1,990 128 Construction — — — Commercial 120 128 26 Commercial 185 199 125 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 5 5 5 Auto loans 572 575 201 Other — — — Total 2,542 2,897 485 Total: Real estate loans Residential 7,011 9,145 128 Construction — — — Commercial 10,542 11,697 26 Commercial 1,742 1,826 125 Obligations of states and political subdivisions — — — Home equity loans and lines of credit 216 292 5 Auto loans 780 865 201 Other 24 29 — Total Impaired Loans $ 20,315 $ 23,854 $ 485 Recorded Investment Unpaid Principal Balance Associated Allowance September 30, 2016 With no specific allowance recorded: Real Estate Loans Residential $ 6,721 $ 9,016 $ — Construction — — — Commercial 10,939 12,928 — Commercial 1,698 1,725 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 361 432 — Auto Loans 253 365 — Other 22 22 — Total 19,994 24,488 — With an allowance recorded: Real Estate Loans Residential 2,000 2,151 198 Construction — — — Commercial 298 303 36 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto Loans 273 273 113 Other — — — Total 2,571 2,727 347 Total: Real Estate Loans Residential 8,721 11,167 198 Construction — — — Commercial 11,237 13,231 36 Commercial 1,698 1,725 — Obligations of states and political subdivisions — — — Home equity loans and lines of credit 361 432 — Auto Loans 526 638 113 Other 22 22 — Total Impaired Loans $ 22,565 $ 27,215 $ 347 The following tables represent the average recorded investments in the impaired loans and the related amount of interest recognized during the time within the period that the impaired loans were impaired (in thousands): For the Three Months Ended March 31, 2017 2016 2017 2016 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 5,573 $ 7,296 $ 9 $ 22 Construction — — — — Commercial 9,218 12,128 67 131 Commercial 1,637 1,919 29 37 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 202 594 — — Auto loans 102 228 — — Other 8 — — — Total 16,740 22,165 105 190 With an allowance recorded: Real estate loans Residential 1,985 2,679 — 4 Construction — — — — Commercial 341 1,490 — — Commercial 100 6 — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 5 59 — — Auto loans 291 222 2 2 Other — 1 — — Total 2,722 4,457 2 6 Total: Real estate loans Residential 7,558 9,975 9 26 Construction — — — — Commercial 9,559 13,618 67 131 Commercial 1,737 1,925 29 37 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 207 653 — — Auto loans 393 450 2 2 Other 8 1 — — Total Impaired Loans $ 19,462 $ 26,622 $ 107 $ 196 For the Six Months Ended March 31, 2017 2016 2017 2016 Average Recorded Investment Average Recorded Investment Interest Income Recognized Interest Income Recognized With no specific allowance recorded: Real estate loans Residential $ 6,049 $ 8,040 $ 21 $ 48 Construction — — — — Commercial 9,890 12,908 172 307 Commercial 1,665 1,350 62 52 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 260 672 — 2 Auto loans 119 255 — 2 Other 8 — — — Total 17,991 23,225 255 411 With an allowance recorded: Real estate loans Residential 2,025 2,636 — 9 Construction — — — — Commercial 345 974 — — Commercial 59 4 — — Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 4 66 — — Auto loans 253 181 6 3 Other — — — — Total 2,686 3,861 6 12 Total: Real estate loans Residential 8,074 10,676 21 57 Construction — — — — Commercial 10,235 13,882 172 307 Commercial 1,724 1,354 62 52 Obligations of states and political subdivisions — — — — Home equity loans and lines of credit 264 738 — 2 Auto loans 372 436 6 5 Other 8 — — — Total Impaired Loans $ 20,677 $ 27,086 $ 261 $ 423 |
Changes in Accretable Yield for Purchased Credit-Impaired Loans | Changes in the accretable yield for purchased credit-impaired loans were as follows, since acquisition, for the three and six month periods ended March 31, 2017 and March 31, 2016 (in thousands): Three Months Ended March 31, 2017 2016 Balance at beginning of period $ 453 $ 448 Reclassification, new additions and other 82 — Accretion (75 ) (83 ) Balance at end of period $ 460 $ 365 Six Months Ended March 31, 2017 2016 Balance at beginning of period $ 478 $ 258 Reclassification, new additions and other 118 240 Accretion (136 ) (133 ) Balance at end of period $ 460 $ 365 |
Summary of Additional Information Regarding Loans Acquired and Accounted | The following table presents additional information regarding loans acquired and accounted for in accordance with ASC 310-30 (in thousands): March 31, 2017 September 30, 2016 Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Acquired Loans with Specific Evidence or Deterioration in Credit Quality (ASC 310-30) Outstanding balance $ 6,309 $ 6,893 Carrying amount $ 5,098 $ 5,563 |
Schedule of Loans Evaluated for Impairment | The following tables show the amount of loans in each category that was individually and collectively evaluated for impairment at the dates indicated (in thousands): Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment March 31, 2017 Real estate loans: Residential $ 592,169 $ 7,011 $ — $ 585,158 Construction 3,928 — — 3,928 Commercial 290,411 10,542 4,453 275,416 Commercial 34,125 1,742 321 32,062 Obligations of states and political subdivisions 61,746 — — 61,746 Home equity loans and lines of credit 45,651 216 324 45,111 Auto loans 186,697 780 — 185,917 Other 3,136 24 — 3,112 Total $ 1,217,863 $ 20,315 $ 5,098 $ 1,192,450 Total Loans Individually Evaluated for Impairment Loans Acquired with Deteriorated Credit Quality Collectively Evaluated for Impairment September 30, 2016 Real estate loans: Residential $ 596,645 $ 8,721 $ — $ 587,924 Construction 1,733 — — 1,733 Commercial 288,447 11,237 4,615 272,595 Commercial 39,978 1,698 411 37,869 Obligations of states and political sub divisions 56,923 — — 56,923 Home equity loans and lines of credit 48,163 361 537 47,265 Auto loans 193,078 526 — 192,552 Other 3,302 22 — 3,280 Total $ 1,228,269 $ 22,565 $ 5,563 $ 1,200,141 |
Classes of the Loan Portfolio, Internal Risk Rating System | The following tables present the classes of the loan portfolio summarized by the aggregate Pass and the criticized categories of Special Mention, Substandard, and Doubtful or Loss within the internal risk rating system at March 31, 2017 and September 30, 2016 (in thousands): Pass Special Mention Substandard Doubtful or Loss Total March 31, 2017 Commercial real estate loans $ 266,868 $ 5,225 $ 18,318 $ — $ 290,411 Commercial 30,657 177 3,291 — 34,125 Obligations of states and political subdivisions 61,746 — — — 61,746 Total $ 359,271 $ 5,402 $ 21,609 $ — $ 386,282 Pass Special Mention Substandard Doubtful or Loss Total September 30, 2016 Commercial real estate loans $ 260,088 $ 8,886 $ 19,473 $ — $ 288,447 Commercial 36,684 180 3,114 — 39,978 Obligations of states and political subdivisions 56,923 — — — 56,923 Total $ 353,695 $ 9,066 $ 22,587 $ — $ 385,348 |
Schedule of Performing or non-performing Loans | The following tables present the risk ratings in the consumer categories of performing and non-performing loans at March 31, 2017 and September 30, 2016 (in thousands): Performing Non- performing Purchased Credit Impaired Total March 31, 2017 Real estate loans: Residential $ 584,544 $ 7,625 $ — $ 592,169 Construction 3,928 — — 3,928 Home equity loans and lines of credit 45,053 274 324 45,651 Auto loans 185,907 790 — 186,697 Other 3,102 34 — 3,136 Total $ 822,534 $ 8,723 $ 324 $ 831,581 Performing Non- performing Purchased Impaired Credit Total September 30, 2016 Real estate loans: Residential $ 587,673 $ 8,972 $ — $ 596,645 Construction 1,733 — — 1,733 Home equity loans and lines of credit 47,213 413 537 48,163 Auto loans 192,734 344 — 193,078 Other 3,271 31 — 3,302 Total $ 832,624 $ 9,760 $ 537 $ 842,921 |
Classes of the Loan Portfolio Summarized by the Aging Categories | The following tables present the classes of the loan portfolio summarized by the aging categories of performing loans and nonaccrual loans as of March 31, 2017 and September 30, 2016 (in thousands): Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non- Accrual Purchased Credit Impaired Total Loans March 31, 2017 Real estate loans Residential $ 582,864 $ 1,081 $ 599 $ — $ 7,625 $ 9,305 $ — $ 592,169 Construction 3,928 — — — — — — 3,928 Commercial 282,390 284 — — 3,284 3,568 4,453 290,411 Commercial 32,994 80 — — 730 810 321 34,125 Obligations of states and political subdivisions 61,746 — — — — — — 61,746 Home equity loans and lines of credit 45,027 18 8 — 274 300 324 45,651 Auto loans 185,398 427 82 — 790 1,299 — 186,697 Other 3,054 48 — — 34 82 — 3,136 Total $ 1,197,401 $ 1,938 $ 689 $ — $ 12,737 $ 15,364 $ 5,098 $ 1,217,863 Current 31-60 Days Past Due 61-90 Days Past Due Greater than 90 Days Past Due and still accruing Non-Accrual Total Past Due and Non- Accrual Purchased Credit Impaired Total Loans September 30, 2016 Real estate loans Residential $ 585,517 $ 1,496 $ 660 $ — $ 8,972 $ 11,128 $ — $ 596,645 Construction 1,733 — — — — — — 1,733 Commercial 279,019 1,093 191 — 3,529 4,813 4,615 288,447 Commercial 38,862 185 57 — 463 705 411 39,978 Obligations of states and political subdivisions 56,923 — — — — — — 56,923 Home equity loans and lines of credit 47,026 40 147 — 413 600 537 48,163 Auto loans 191,785 717 232 — 344 1,293 — 193,078 Other 3,264 7 — — 31 38 — 3,302 Total $ 1,204,129 $ 3,538 $ 1,287 $ — $ 13,752 $ 18,577 $ 5,563 $ 1,228,269 |
Summary of Primary Segments of ALL | The following tables summarize changes in the primary segments of the ALL for the three and six month periods ending March 31, 2017 and 2016 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total ALL balance at December 31, 2016 $ 4,450 $ 23 $ 795 $ 965 $ 234 $ 441 $ 2,062 $ 25 $ 347 $ 9,342 Charge-offs (290 ) — (128 ) (1 ) — (6 ) (544 ) — — (969 ) Recoveries 5 — — — — 2 232 4 — 243 Provision (35 ) 7 371 (13 ) 10 8 158 (5 ) 249 750 ALL balance at March 31, 2017 $ 4,130 $ 30 $ 1,038 $ 951 $ 244 $ 445 $ 1,908 $ 24 $ 596 $ 9,366 ALL balance at December 31, 2015 $ 4,747 $ 14 $ 858 $ 705 $ 187 $ 389 $ 1,754 $ 27 $ 576 $ 9,257 Charge-offs (308 ) — (9 ) — — (29 ) (234 ) — — (580 ) Recoveries — — 52 — — 3 80 3 — 138 Provision 216 10 67 33 9 26 325 (5 ) (81 ) 600 ALL balance at March 31, 2016 $ 4,655 $ 24 $ 968 $ 738 $ 196 $ 389 $ 1,925 $ 25 $ 495 $ 9,415 ALL balance at September 30, 2016 $ 4,426 $ 13 $ 852 $ 882 $ 215 $ 455 $ 1,880 $ 25 $ 308 $ 9,056 Charge-offs (366 ) — (218 ) (20 ) — (6 ) (1,061 ) (4 ) — (1,675 ) Recoveries 6 — 10 — — 3 460 6 — 485 Provision 64 17 394 89 29 (7 ) 629 (3 ) 288 1,500 ALL balance at March 31, 2017 $ 4,130 $ 30 $ 1,038 $ 951 $ 244 $ 445 $ 1,908 $ 24 $ 596 $ 9,366 ALL balance at September 30, 2015 $ 5,140 $ 7 $ 671 $ 693 $ 189 $ 461 $ 1,570 $ 27 $ 161 $ 8,919 Charge-offs (399 ) — (9 ) (3 ) — (54 ) (422 ) — — (887 ) Recoveries 3 — 52 1 — 4 117 6 — 183 Provision (89 ) 17 254 47 7 (22 ) 660 (8 ) 334 1,200 ALL balance at March 31, 2016 $ 4,655 $ 24 $ 968 $ 738 $ 196 $ 389 $ 1,925 $ 25 $ 495 $ 9,415 Acquired loans are recorded at fair value on their purchase date without a carryover of the related allowance for loan losses. The following table summarizes the primary segments of the ALL, segregated into two categories, the amount required for loans individually evaluated for impairment and the amount required for loans collectively evaluated for impairment as of March 31, 2017 and September 30, 2016 (in thousands): Home Obligations of Equity States and Loans and Real Estate Loans Commercial Political Lines of Other Residential Construction Commercial Loans Subdivisions Credit Auto Loans Loans Unallocated Total Individually evaluated for impairment $ 128 $ — $ 26 $ 125 $ — $ 5 $ 201 $ — $ — $ 485 Collectively evaluated for impairment 4,002 30 1,012 826 244 440 1,707 24 596 8,881 ALL Balance at March 31, 2017 $ 4,130 $ 30 $ 1,038 $ 951 $ 244 $ 445 $ 1,908 $ 24 $ 596 $ 9,366 Individually evaluated for impairment $ 198 $ — $ 36 $ — $ — $ — $ 113 $ — $ — $ 347 Collectively evaluated for impairment 4,228 13 816 882 215 455 1,767 25 308 8,709 ALL balance at September 30, 2016 $ 4,426 $ 13 $ 852 $ 882 $ 215 $ 455 $ 1,880 $ 25 $ 308 $ 9,056 |
Summary of Troubled Debt Restructuring Granted | The following is a summary of troubled debt restructuring granted during the three months ended March 31, 2017 and 2016 (dollars in thousands): For the Three Months Ended March 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 1 $ 135 $ 135 Construction — — — Commercial 1 132 132 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other 1 24 24 Total 3 $ 291 $ 291 For the Three Months Ended March 31, 2016 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 3 $ 587 $ 587 Construction — — — Commercial 1 77 77 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 4 $ 664 $ 664 The following is a summary of troubled debt restructuring granted during the six months ended March 31, 2017 and 2016 (dollars in thousands): For the Six Months Ended March 31, 2017 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 3 $ 379 $ 379 Construction — — — Commercial 1 132 132 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other 1 24 24 Total 5 $ 535 $ 535 For the Six Months Ended March 31, 2016 Number of Contracts Pre-Modification Outstanding Recorded Investment Post-Modification Outstanding Recorded Investment Troubled Debt Restructurings Real estate loans: Residential 4 $ 668 $ 668 Construction — — — Commercial 1 77 77 Commercial — — — Obligations of states and political subdivisions — — — Home equity loans and lines of credit — — — Auto loans — — — Other — — — Total 5 $ 745 $ 745 |
Eagle National Bancorp, Inc [Member] | |
Schedule of Investment and Unpaid Principal Balances for Impaired Loans | The carrying value of the loans acquired and accounted for in accordance with ASC 310-30, Loans and Debt Securities Acquired with Deteriorated Credit Quality Unpaid principal balance $ 3,468 Interest 717 Contractual cash flows 4,185 Non-accretable discount (1,973 ) Expected cash flows 2,212 Accretable discount (240 ) Estimated fair value $ 1,972 |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Banking And Thrift [Abstract] | |
Schedule of Deposits by Major Classifications | Deposits consist of the following major classifications (in thousands): March 31, 2017 September 30, 2016 Non-interest bearing demand accounts $ 150,762 $ 142,924 Interest bearing demand accounts 139,528 167,259 Money market accounts 255,502 249,947 Savings and club accounts 145,478 142,021 Certificates of deposit 547,105 512,669 Total $ 1,238,375 $ 1,214,820 |
Net Periodic Benefit Cost-Def26
Net Periodic Benefit Cost-Defined Benefit Plan (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of the Components of Net Periodic Benefit Cost | The following table comprises the components of net periodic benefit cost for the three and six month periods ended March 31, 2017 and 2016 (in thousands): For the Three Months Ended March 31, For the Six Months Ended March 31, 2017 2016 2017 2016 Service Cost $ 69 $ 249 $ 378 $ 498 Interest Cost 208 245 443 490 Expected return on plan assets (348 ) (311 ) (689 ) (622 ) Amortization of unrecognized loss 23 119 159 239 Net periodic benefit cost $ (48 ) $ 302 $ 291 $ 605 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Schedule of Stock Option Activity | The following is a summary of the Company’s stock option activity and related information for its option grants for the six month period ended March 31, 2017. Number of Stock Options Weighted- average Exercise Price Weighted- average Remaining Contractual Term (in Aggregate Intrinsic Value (in thousands) Outstanding, September 30, 2016 905,987 $ 12.35 1.67 $ 1,341 Granted — — — — Exercised 488,491 12.35 1.17 — Forfeited — — — — Outstanding, March 31, 2017 417,496 $ 12.35 1.17 $ 932 Exercisable at March 31, 2017 417,496 $ 12.35 1.17 $ 932 |
Schedule of Restricted Stock Option Activity | The following is a summary of the status of the Company’s restricted stock as of March 31, 2017, and changes therein during the six month period then ended: Number of Restricted Weighted- average Grant Date Fair Value Nonvested at September 30, 2016 31,896 $ 13.11 Granted 23,971 16.28 Vested — — Forfeited — — Nonvested at March 31, 2017 55,867 $ 14.50 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Securities, Derivatives, Other Real Estate Owned and Impaired Loans Measured at Fair Value | The following table presents information about the Company’s securities, derivatives, other real estate owned, impaired loans and mortgage servicing rights measured at fair value as of March 31, 2017 and September 30, 2016 and indicates the fair value hierarchy of the valuation techniques utilized by the Bank to determine such fair value: Fair Value Measurement at March 31, 2017 Fair Value Measurements Utilized for the Company’s Financial Assets (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balances as of December 31, 2016 Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 228,122 $ — $ 228,122 Obligations of states and political subdivisions — 69,335 — 69,335 U.S. government agencies — 23,463 — 23,463 Corporate obligations — 36,045 8,735 44,780 Other debt securities — 29,590 — 29,590 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 386,555 $ 8,735 $ 395,315 Derivatives $ — $ 1,397 $ — $ 1,397 Assets measured at fair value on a nonrecurring basis: Foreclosed real estate $ — $ — $ 3,315 $ 3,315 Impaired loans $ — $ — $ 19,830 $ 19,830 Mortgage servicing rights $ — $ — $ 321 $ 321 Fair Value Measurement at September 30, 2016 Fair Value Measurements Utilized for the Company’s Financial Assets (in thousands): Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balances as of September 30, 2016 Securities available-for-sale measured on a recurring basis Mortgage backed securities $ — $ 219,162 $ — $ 219,162 Obligations of states and political subdivisions — 73,690 — 73,690 U.S. government agencies — 25,941 — 25,941 Corporate obligations — 31,433 6,985 38,418 Other debt securities — 32,674 500 33,174 Equity securities-financial services 25 — — 25 Total debt and equity securities $ 25 $ 382,900 $ 7,485 $ 390,410 Derivatives $ — $ 453 $ — $ 453 Assets measured at fair value on a nonrecurring basis: Foreclosed real estate $ — $ — $ 2,659 $ 2,659 Impaired loans $ — $ — $ 22,218 $ 22,218 Mortgage Servicing rights $ — $ — $ 398 $ 398 |
Schedule of Changes in Fair Value of Level III Investments | The following tables present a summary of changes in the fair value of the Company’s Level III investments for the three and six month periods ended March 31, 2017 and 2016 (in thousands). Fair Value Measurement Using Significant Unobservable Inputs (Level III) Three Months Ended March 31, 2017 March 31, 2016 Beginning balance $ 8,238 $ 7,136 Purchases, sales, issuances, settlements, net 756 — Total unrealized gain (loss): Included in earnings — — Included in other comprehensive income (259 ) (64 ) Transfers in and/or out of Level III — — $ 8,735 $ 7,072 Fair Value Measurement Using Significant Unobservable Inputs (Level III) Six Months Ended March 31, 2017 March 31, 2016 Beginning balance $ 7,485 $ 4,211 Purchases, sales, issuances, settlements, net 756 3,000 Total unrealized gain (loss): Included in earnings — — Included in other comprehensive income 494 (139 ) Transfers in and/or out of Level III — — $ 8,735 $ 7,072 |
Summary of Additional Quantitative Information about Assets Measured at Fair Value on a Nonrecurring Basis | The following table presents additional quantitative information about assets measured at fair value on a nonrecurring basis and for which the Company has utilized Level 3 inputs to determine fair value: Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range March 31, 2017 Impaired loans $ 19,830 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 50% (23.4%) Foreclosed real estate owned 3,315 Appraisal of collateral (1) Appraisal adjustments (2) 20% to 50% (21.0%) Mortgage servicing rights 321 Discounted cash flow Discount rate 12% to 16% (12.5%) Prepayment speeds 9% to 35% (15.0%) Quantitative Information about Level 3 Fair Value Measurements (in thousands) Fair Value Estimate Valuation Techniques Unobservable Input Range September 30, 2016: Impaired loans $ 22,218 Appraisal of collateral (1) Appraisal adjustments (2) 0% to 60% (23.0%) Foreclosed real estate owned 2,659 Appraisal of collateral (1) Appraisal adjustments (2) 20% to 46% (22.1%) Mortgage servicing rights 398 Discounted cash flow Discount rate 12% to 16% (12.0%) Prepayment speeds 2% to 33% (17.2%) (1) Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various level 3 inputs which are not identifiable. (2) Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range of liquidation expenses and other appraisal adjustments are presented as a percent of the appraisal. |
Schedule of Estimate of Fair Value Using Methodologies | The fair values presented represent the Company’s best estimate of fair value using the methodologies discussed below (in thousands). March 31, 2017 Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 36,443 $ 36,443 $ — $ — $ 36,443 Certificates of deposit 1,000 — — 1,010 1,010 Investment and mortgage backed securities available for sale 395,315 25 386,555 8,735 395,315 Loans receivable, net 1,208,497 — — 1,203,706 1,203,706 Accrued interest receivable 5,929 5,929 — — 5,929 Regulatory stock 13,961 13,961 — — 13,961 Mortgage servicing rights 321 — — 321 321 Derivatives 1,397 — 1,397 — 1,397 Bank owned life insurance 37,112 37,112 — — 37,112 Financial liabilities: Deposits $ 1,238,375 $ 691,270 $ — $ 548,202 $ 1,239,472 Short-term borrowings 120,951 120,951 — — 120,951 Other borrowings 199,168 — — 199,219 199,219 Advances by borrowers for taxes and insurance 9,115 9,115 — — 9,115 Accrued interest payable 863 863 — — 863 September 30, 2016 Carrying Level I Level II Level III Total Fair Value Financial assets: Cash and cash equivalents $ 43,658 $ 43,658 $ — $ — $ 43,658 Certificates of deposit 1,250 — — 1,269 1,269 Investment and mortgage backed securities available for sale 390,410 25 382,900 7,485 390,410 Loans receivable, net 1,219,213 — — 1,237,759 1,237,759 Accrued interest receivable 5,769 5,769 — — 5,769 Regulatory stock 15,463 15,463 — — 15,463 Mortgage servicing rights 398 — — 398 398 Derivatives 453 — 453 — 453 Bank owned life insurance 36,593 36,593 — — 36,593 Financial liabilities: Deposits $ 1,214,820 $ 702,151 $ — $ 516,743 $ 1,218,894 Short-term borrowings 129,460 129,460 — — 129,460 Other borrowings 230,601 — — 231,911 231,911 Advances by borrowers for taxes and insurance 4,956 4,956 — — 4,956 Accrued interest payable 1,046 1,046 — — 1,046 |
Accumulated Other Comprehensi29
Accumulated Other Comprehensive Loss (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Summary of Activity in Accumulated Other Comprehensive Income (Loss) | The activity in accumulated other comprehensive loss for the three and six month periods ended March 31, 2017 and 2016 is as follows (in thousands): Accumulated Other Comprehensive Loss Defined Benefit Pension Plan Unrealized (Losses) on Securities Available for Sale Derivatives Total Balance at December 31, 2016 $ (5,993 ) $ (2,801 ) $ 899 $ (7,895 ) Other comprehensive income before reclassifications 4,714 781 25 5,520 Amounts reclassified from accumulated other comprehensive loss, net of tax 13 — (2 ) 11 Period change 4,727 781 23 5,531 Balance at March 31, 2017 $ (1,266 ) $ (2,020 ) $ 922 $ (2,364 ) Balance at December 31, 2015 $ (5,246 ) $ 684 $ — $ (4,562 ) Other comprehensive income before reclassifications — 3,287 — 3,287 Amounts reclassified from accumulated other comprehensive loss, net of tax 79 (241 ) — (162 ) Period change 79 3,046 — 3,125 Balance at March 31, 2016 $ (5,167 ) $ 3,730 $ — $ (1,437 ) Accumulated Other Comprehensive Income/(Loss) Defined Benefit Pension Plan Unrealized Gains (Losses) on Securities Available for Sale Derivatives Total Balance at September 30, 2016 $ (6,083 ) $ 3,952 $ 299 $ (1,832 ) Other comprehensive income (loss) before reclassifications 4,714 (5,972 ) 619 (639 ) Amounts reclassified from accumulated other comprehensive loss, net of tax 103 — 4 107 Period change 4,817 (5,972 ) 623 (532 ) Balance at March 31, 2017 $ (1,266 ) $ (2,020 ) $ 922 $ (2,364 ) Balance at September 30, 2015 $ (5,325 ) $ 2,930 $ — $ (2,395 ) Other comprehensive income before reclassifications — 1,043 — 1,043 Amounts reclassified from accumulated other comprehensive loss, net of tax 158 (243 ) — (85 ) Period change 158 800 — 958 Balance at March 31, 2016 $ (5,167 ) $ 3,730 $ — $ (1,437 ) |
Summary of Reclassification Out of Accumulated Other Comprehensive Income (Loss) | The following tables present significant amounts reclassified out of each component of accumulated other comprehensive loss for the three and six month periods ended March 31, 2017 and 2016: Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss for the Three Months Ended March 31, Affected Line Item in the Consolidated Statement of Income 2017 2016 Securities available for sale: Securities gains reclassified into earnings $ — $ 365 Gain on sale of investments Related income tax expense — (124 ) Income taxes Net effect on accumulated other comprehensive loss for the period — 241 Defined benefit pension plan: Amortization of net loss (23 ) (119 ) Compensation and employee Related income tax expense 10 40 Income taxes Net effect on accumulated other comprehensive loss for the period (13 ) (79 ) Derivatives and hedging activities: Interest expense, effective portion 5 — Interest expense Related income tax expense (3 ) — Income taxes Net effect on accumulated other comprehesive loss for the period 2 (79 ) Total reclassification for the period $ (11 ) $ 162 Amount Reclassified from Accumulated Other Comprehensive Loss Accumulated Other Comprehensive Loss for the Six Months Ended March 31, Affected Line Item in the Consolidated Statement of Income 2017 2016 Securities available for sale: Securities gains reclassified into earnings $ — $ 368 Gain on sale of investments Related income tax expense — (125 ) Income taxes Net effect on accumulated other comprehensive loss for the period — 243 Defined benefit pension plan: Amortization of net loss (159 ) (239 ) Compensation and employee benefits Related income tax expense 56 81 Income taxes Net effect on accumulated other comprehensive loss for the period (103 ) (158 ) Derivative and hedging activities: Interest expense, effective portion (6 ) — Interest expense Related income tax expense 2 — Income taxes Net effect on accumulated other comprehensive loss for the period (4 ) — Total reclassification for the period $ (107 ) $ 85 |
Derivatives and Hedging Activit
Derivatives and Hedging Activities (Tables) | 6 Months Ended |
Mar. 31, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Schedule of Fair Value of Derivative Financial Instruments as well as their Classification on Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheet as of March 31, 2017 and September 30, 2016 (in thousands). Fair Values of Derivative Instruments Asset Derivatives As of March 31, 2017 As of September 30, 2016 Balance Sheet Location Fair Value Balance Sheet Location Fair Value Derivatives designated as hedging instruments Interest Rate Products Other Assets $ 1,397 Other Assets $ 453 |
Schedule of Pre-Tax Net Gains (Losses) of Cash flow Hedges | The tables below present the pre-tax net gains (losses) of the Company’s cash flow hedges for the three and six month periods ended March 31, 2017 and 2016, respectively, and where they were recorded in the Consolidated Statement of Income, (in thousands). Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative (Effective Portion) Three Months Ended March 31, Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Gain Reclassified from Accumulated OCI into Income (Effective Portion) Three Months Ended March 31, Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Three Months Ended March 31, 2017 2016 2017 2016 2017 2016 Interest Rate Products $ 40 $ — Interest expense $ 5 $ — Other non-interest income $ — $ — Ending balance of OCI Total $ 40 $ — $ 5 $ — $ — $ — Derivatives in Cash Flow Hedging Relationships Gain Recognized in OCI on Derivative (Effective Portion) Six Months Ended March 31, Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) (Loss) Reclassified from Accumulated OCI into Income (Effective Portion) Six Months Ended March 31, Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion) Six Months Ended March 31, 2017 2016 2017 2016 2017 2016 Interest Rate Products $ 1,092 $ — Interest expense $ (6 ) $ — Other non-interest income $ — $ — Ending balance of OCI Total $ 1,092 $ — $ (6 ) $ — $ — $ — |
Nature of Operations and Basi31
Nature of Operations and Basis of Presentation - Additional Information (Detail) | Mar. 31, 2017 |
ESSA Bank & Trust [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage ownership of wholly owned subsidiary | 100.00% |
Earnings Per Share - Compositio
Earnings Per Share - Composition of the Weighted-Average Common Shares (Denominator) Used in the Basic and Diluted Earnings per Share Computation (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||||
Weighted-average common shares outstanding | 18,133,095 | 18,133,095 | 18,133,095 | 18,133,095 |
Average treasury stock shares | (6,618,067) | (6,793,799) | (6,670,049) | (6,793,553) |
Average unearned ESOP shares | (888,285) | (933,559) | (894,004) | (939,246) |
Average unearned non-vested shares | (33,746) | (20,584) | (42,958) | (24,681) |
Weighted average common shares and common stock equivalents used to calculate basic earnings per share | 10,592,997 | 10,385,153 | 10,526,084 | 10,375,615 |
Additional common stock equivalents (non-vested stock) used to calculate diluted earnings per share | 1,646 | 444 | ||
Additional common stock equivalents (stock options) used to calculate diluted earnings per share | 97,317 | 139,100 | 91,157 | 140,155 |
Weighted average common shares and common stock equivalents used to calculate diluted earnings per share | 10,691,960 | 10,524,697 | 10,617,241 | 10,515,770 |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - Stock Option [Member] - $ / shares | 6 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 53,371 | 48,498 |
Average weighted price per share of anti-dilutive shares | $ 11.77 | $ 12.90 |
Recent Accounting Pronounceme34
Recent Accounting Pronouncements - Additional Information (Detail) - ASU 2016-02, Leases [Member] - Maximum [Member] | 6 Months Ended |
Mar. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Estimated percentage increase in assets from recognition of leases | 1.00% |
Estimated percentage increase in liabilities from recognition of leases | 1.00% |
Investment Securities - Summary
Investment Securities - Summary of Amortized Cost, Gross Unrealized Gains and Losses, and Fair Value of Investment Securities Available for Sale (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | $ 398,375 | $ 384,422 | |
Available for sale, Gross Unrealized Gains | 2,109 | 7,067 | |
Available for sale, Gross Unrealized Losses | (5,169) | (1,079) | |
Available for sale, Fair Value | 395,315 | $ 395,315 | 390,410 |
Fannie Mae [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 120,437 | 115,535 | |
Available for sale, Gross Unrealized Gains | 244 | 1,891 | |
Available for sale, Gross Unrealized Losses | (1,591) | (173) | |
Available for sale, Fair Value | 119,090 | 117,253 | |
Freddie Mac [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 95,669 | 84,486 | |
Available for sale, Gross Unrealized Gains | 73 | 1,369 | |
Available for sale, Gross Unrealized Losses | (1,136) | (85) | |
Available for sale, Fair Value | 94,606 | 85,770 | |
Governmental National Mortgage Association [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 14,610 | 16,091 | |
Available for sale, Gross Unrealized Gains | 34 | 76 | |
Available for sale, Gross Unrealized Losses | (218) | (28) | |
Available for sale, Fair Value | 14,426 | 16,139 | |
Mortgage-Backed Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 230,716 | 216,112 | |
Available for sale, Gross Unrealized Gains | 351 | 3,336 | |
Available for sale, Gross Unrealized Losses | (2,945) | (286) | |
Available for sale, Fair Value | 228,122 | 219,162 | |
Obligations of States and Political Subdivisions [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 68,995 | 71,323 | |
Available for sale, Gross Unrealized Gains | 1,314 | 2,432 | |
Available for sale, Gross Unrealized Losses | (974) | (65) | |
Available for sale, Fair Value | 69,335 | 73,690 | |
U.S. Government Agency Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 23,344 | 25,669 | |
Available for sale, Gross Unrealized Gains | 119 | 272 | |
Available for sale, Fair Value | 23,463 | 25,941 | |
Corporate Obligations [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 45,315 | 38,331 | |
Available for sale, Gross Unrealized Gains | 203 | 599 | |
Available for sale, Gross Unrealized Losses | (738) | (512) | |
Available for sale, Fair Value | 44,780 | 38,418 | |
Other Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 29,980 | 32,962 | |
Available for sale, Gross Unrealized Gains | 122 | 428 | |
Available for sale, Gross Unrealized Losses | (512) | (216) | |
Available for sale, Fair Value | 29,590 | 33,174 | |
Total Debt Securities [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 398,350 | 384,397 | |
Available for sale, Gross Unrealized Gains | 2,109 | 7,067 | |
Available for sale, Gross Unrealized Losses | (5,169) | (1,079) | |
Available for sale, Fair Value | 395,290 | 390,385 | |
Equity Securities-Financial Services [Member] | |||
Schedule of Available-for-sale Securities [Line Items] | |||
Available for sale, Amortized Cost | 25 | 25 | |
Available for sale, Fair Value | $ 25 | $ 25 |
Investment Securities - Schedul
Investment Securities - Schedule of Amortized Cost and Fair Value of Debt Securities by Contractual Maturity (Detail) $ in Thousands | Mar. 31, 2017USD ($) |
Available-for-sale Securities, Debt Maturities, Amortized Cost Basis, Fiscal Year Maturity [Abstract] | |
Due in one year or less, Amortized Cost | $ 15,986 |
Due after one year through five years, Amortized Cost | 35,680 |
Due after five years through ten years, Amortized Cost | 92,538 |
Due after ten years, Amortized Cost | 254,146 |
Total, Amortized Cost | 398,350 |
Due in one year or less, Fair Value | 16,013 |
Due after one year through five years, Fair Value | 35,666 |
Due after five years through ten years, Fair Value | 92,271 |
Due after ten years, Fair Value | 251,340 |
Total, Fair Value | $ 395,290 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Realized gross gains | $ 0 | $ 365,000 | $ 0 | $ 368,000 | |
Realized gross losses | $ 0 | 0 | $ 0 | 0 | |
Proceeds from the sale of investment securities | $ 17,400,000 | $ 29,000,000 | |||
Eagle National Bancorp, Inc [Member] | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Realized gross gains | $ 0 | ||||
Realized gross losses | 0 | ||||
Proceeds from the sale of investment securities | $ 16,200,000 |
Investment Securities - Sched38
Investment Securities - Schedule of Gross Unrealized Losses and Fair Value (Detail) $ in Thousands | Mar. 31, 2017USD ($)Security | Sep. 30, 2016USD ($)Security |
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 190 | 70 |
Fair Value, Less than Twelve Months | $ 216,767 | $ 48,782 |
Gross Unrealized Losses, Less than Twelve Months | (4,031) | (411) |
Fair Value, Twelve Months or Greater | 35,109 | 32,120 |
Gross Unrealized Losses, Twelve Months or Greater | (1,138) | (668) |
Fair Value, Total | 251,876 | 80,902 |
Gross Unrealized Losses, Total | $ (5,169) | $ (1,079) |
Fannie Mae [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 61 | 17 |
Fair Value, Less than Twelve Months | $ 76,418 | $ 6,841 |
Gross Unrealized Losses, Less than Twelve Months | (1,192) | (21) |
Fair Value, Twelve Months or Greater | 11,033 | 12,261 |
Gross Unrealized Losses, Twelve Months or Greater | (399) | (152) |
Fair Value, Total | 87,451 | 19,102 |
Gross Unrealized Losses, Total | $ (1,591) | $ (173) |
Freddie Mac [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 50 | 11 |
Fair Value, Less than Twelve Months | $ 66,922 | $ 7,457 |
Gross Unrealized Losses, Less than Twelve Months | (909) | (11) |
Fair Value, Twelve Months or Greater | 6,701 | 6,375 |
Gross Unrealized Losses, Twelve Months or Greater | (227) | (74) |
Fair Value, Total | 73,623 | 13,832 |
Gross Unrealized Losses, Total | $ (1,136) | $ (85) |
Governmental National Mortgage Association [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 9 | 5 |
Fair Value, Less than Twelve Months | $ 7,292 | $ 4,704 |
Gross Unrealized Losses, Less than Twelve Months | (181) | (16) |
Fair Value, Twelve Months or Greater | 2,373 | 1,267 |
Gross Unrealized Losses, Twelve Months or Greater | (37) | (12) |
Fair Value, Total | 9,665 | 5,971 |
Gross Unrealized Losses, Total | $ (218) | $ (28) |
Obligations of States and Political Subdivisions [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 29 | 12 |
Fair Value, Less than Twelve Months | $ 34,982 | $ 14,420 |
Gross Unrealized Losses, Less than Twelve Months | (974) | (65) |
Fair Value, Total | 34,982 | 14,420 |
Gross Unrealized Losses, Total | $ (974) | $ (65) |
Corporate Obligations [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 23 | 12 |
Fair Value, Less than Twelve Months | $ 18,850 | $ 8,778 |
Gross Unrealized Losses, Less than Twelve Months | (437) | (172) |
Fair Value, Twelve Months or Greater | 6,198 | 5,303 |
Gross Unrealized Losses, Twelve Months or Greater | (301) | (340) |
Fair Value, Total | 25,048 | 14,081 |
Gross Unrealized Losses, Total | $ (738) | $ (512) |
Other Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Number of Securities | Security | 18 | 13 |
Fair Value, Less than Twelve Months | $ 12,303 | $ 6,582 |
Gross Unrealized Losses, Less than Twelve Months | (338) | (126) |
Fair Value, Twelve Months or Greater | 8,804 | 6,914 |
Gross Unrealized Losses, Twelve Months or Greater | (174) | (90) |
Fair Value, Total | 21,107 | 13,496 |
Gross Unrealized Losses, Total | $ (512) | $ (216) |
Loans Receivable, Net and All39
Loans Receivable, Net and Allowance for Loan Losses - Summary of Loans Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 |
Real estate loans: | ||||||
Total Loans | $ 1,217,863 | $ 1,228,269 | ||||
Less allowance for loan losses | 9,366 | $ 9,342 | 9,056 | $ 9,415 | $ 9,257 | $ 8,919 |
Net loans | 1,208,497 | 1,219,213 | ||||
Residential Real Estate Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 592,169 | 596,645 | ||||
Less allowance for loan losses | 4,130 | 4,450 | 4,426 | 4,655 | 4,747 | 5,140 |
Construction Real Estate Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 3,928 | 1,733 | ||||
Commercial Real Estate Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 290,411 | 288,447 | ||||
Less allowance for loan losses | 1,038 | 795 | 852 | 968 | 858 | 671 |
Commercial Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 34,125 | 39,978 | ||||
Less allowance for loan losses | 951 | 965 | 882 | 738 | 705 | 693 |
Obligations of States and Political Subdivisions [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 61,746 | 56,923 | ||||
Less allowance for loan losses | 244 | 234 | 215 | 196 | 187 | 189 |
Home Equity Loans and Lines of Credit [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 45,651 | 48,163 | ||||
Less allowance for loan losses | 445 | 441 | 455 | 389 | 389 | 461 |
Auto Loans [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 186,697 | 193,078 | ||||
Less allowance for loan losses | 1,908 | 2,062 | 1,880 | 1,925 | 1,754 | 1,570 |
Other [Member] | ||||||
Real estate loans: | ||||||
Total Loans | 3,136 | 3,302 | ||||
Less allowance for loan losses | $ 24 | $ 25 | $ 25 | $ 25 | $ 27 | $ 27 |
Loans Receivable, Net and All40
Loans Receivable, Net and Allowance for Loan Losses - Additional Information (Detail) | Dec. 04, 2015USD ($) | Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($)Contract | Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($)Contract | Sep. 30, 2016USD ($) |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid Principal Balance | $ 3,468,000 | $ 23,854,000 | $ 23,854,000 | $ 27,215,000 | ||
Estimated fair value | 1,972,000 | |||||
Contractual cash flows | 4,185,000 | |||||
Preliminary estimate of expected cash flows | 2,212,000 | |||||
Non-accretable discount | 1,973,000 | |||||
Cash flows in excess of estimated fair value | $ 240,000 | |||||
Criteria in internal rating system | Ten-point | |||||
Categories considered as not criticized | six | |||||
Days past due over which loans are considered as substandard | 90 days | |||||
Minimum internal review amount | 750,000 | $ 750,000 | ||||
Minimum external review amount | $ 1,000,000 | $ 1,000,000 | ||||
Number of Contracts | Contract | 3 | 4 | 5 | 5 | ||
Number of troubled debt restructuring loans granted terms concessions | Contract | 1 | 1 | 1 | 2 | ||
Troubled debt restructurings granted terms concession | $ 135,000 | $ 15,000 | $ 135,000 | $ 96,000 | ||
Number of troubled debt restructuring loans granted terms and rate concessions | Contract | 1 | 2 | 3 | 2 | ||
Troubled debt restructurings granted terms and rate concession | $ 132,000 | $ 572,000 | $ 376,000 | $ 572,000 | ||
Number of troubled debt restructuring loans granted interest rate concession | Contract | 1 | 1 | 1 | 1 | ||
Troubled debt restructurings loans granted interest rate concession | $ 24,000 | $ 77,000 | $ 24,000 | $ 77,000 | ||
Number of troubled debt restructurings, loan modified, defaulted within one year of modification | Contract | 0 | 0 | 1 | 0 | ||
Troubled debt restructurings, loan modified, defaulted within one year of modification | $ 107,000 | |||||
Foreclosed assets | $ 3,300,000 | 3,300,000 | $ 2,700,000 | |||
Consumer Residential Mortgages [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Foreclosed assets | 2,100,000 | 2,100,000 | ||||
Formal foreclosure proceeding assets | 2,200,000 | 2,200,000 | ||||
Eagle National Bancorp, Inc [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Unpaid Principal Balance | 3,500,000 | 3,500,000 | ||||
Estimated fair value | 2,000,000 | |||||
Contractual cash flows | 4,200,000 | 4,200,000 | ||||
Preliminary estimate of expected cash flows | 2,200,000 | 2,200,000 | ||||
Non-accretable discount | 2,000,000 | |||||
Cash flows in excess of estimated fair value | 240,000 | 240,000 | ||||
Loans Acquired with Deteriorated Credit Quality [Member] | ||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||||
Carrying value of Purchased loans | $ 5,100,000 | $ 5,100,000 |
Loans Receivable, Net and All41
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Investment and Unpaid Principal Balances for Impaired Loans (Detail) - USD ($) $ in Thousands | Dec. 04, 2015 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | Sep. 30, 2016 |
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | $ 20,315 | $ 20,315 | $ 22,565 | ||||
Unpaid Principal Balance | $ 3,468 | 23,854 | 23,854 | 27,215 | |||
Associated Allowance | 485 | 485 | $ 485 | 347 | |||
Average Recorded Investment | 19,462 | $ 26,622 | 20,677 | $ 27,086 | |||
Interest | 717 | 107 | 196 | 261 | 423 | ||
Contractual cash flows | 4,185 | ||||||
Non-accretable discount | (1,973) | ||||||
Expected cash flows | 2,212 | ||||||
Accretable discount | (240) | ||||||
Estimated fair value | $ 1,972 | ||||||
With no Specific Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 17,773 | 17,773 | 19,994 | ||||
Unpaid Principal Balance | 20,957 | 20,957 | 24,488 | ||||
Average Recorded Investment | 16,740 | 22,165 | 17,991 | 23,225 | |||
Interest | 105 | 190 | 255 | 411 | |||
With an Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 2,542 | 2,542 | 2,571 | ||||
Unpaid Principal Balance | 2,897 | 2,897 | 2,727 | ||||
Associated Allowance | 485 | 485 | 347 | ||||
Average Recorded Investment | 2,722 | 4,457 | 2,686 | 3,861 | |||
Interest | 2 | 6 | 6 | 12 | |||
Residential Real Estate Loans [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 7,011 | 7,011 | 8,721 | ||||
Unpaid Principal Balance | 9,145 | 9,145 | 11,167 | ||||
Associated Allowance | 128 | 128 | 198 | ||||
Average Recorded Investment | 7,558 | 9,975 | 8,074 | 10,676 | |||
Interest | 9 | 26 | 21 | 57 | |||
Residential Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 5,351 | 5,351 | 6,721 | ||||
Unpaid Principal Balance | 7,155 | 7,155 | 9,016 | ||||
Average Recorded Investment | 5,573 | 7,296 | 6,049 | 8,040 | |||
Interest | 9 | 22 | 21 | 48 | |||
Residential Real Estate Loans [Member] | With an Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 1,660 | 1,660 | 2,000 | ||||
Unpaid Principal Balance | 1,990 | 1,990 | 2,151 | ||||
Associated Allowance | 128 | 128 | 198 | ||||
Average Recorded Investment | 1,985 | 2,679 | 2,025 | 2,636 | |||
Interest | 4 | 9 | |||||
Commercial Real Estate Loans [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 10,542 | 10,542 | 11,237 | ||||
Unpaid Principal Balance | 11,697 | 11,697 | 13,231 | ||||
Associated Allowance | 26 | 26 | 36 | ||||
Average Recorded Investment | 9,559 | 13,618 | 10,235 | 13,882 | |||
Interest | 67 | 131 | 172 | 307 | |||
Commercial Real Estate Loans [Member] | With no Specific Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 10,422 | 10,422 | 10,939 | ||||
Unpaid Principal Balance | 11,569 | 11,569 | 12,928 | ||||
Average Recorded Investment | 9,218 | 12,128 | 9,890 | 12,908 | |||
Interest | 67 | 131 | 172 | 307 | |||
Commercial Real Estate Loans [Member] | With an Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 120 | 120 | 298 | ||||
Unpaid Principal Balance | 128 | 128 | 303 | ||||
Associated Allowance | 26 | 26 | 36 | ||||
Average Recorded Investment | 341 | 1,490 | 345 | 974 | |||
Commercial Loans [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 1,742 | 1,742 | 1,698 | ||||
Unpaid Principal Balance | 1,826 | 1,826 | 1,725 | ||||
Associated Allowance | 125 | 125 | |||||
Average Recorded Investment | 1,737 | 1,925 | 1,724 | 1,354 | |||
Interest | 29 | 37 | 62 | 52 | |||
Commercial Loans [Member] | With no Specific Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 1,557 | 1,557 | 1,698 | ||||
Unpaid Principal Balance | 1,627 | 1,627 | 1,725 | ||||
Average Recorded Investment | 1,637 | 1,919 | 1,665 | 1,350 | |||
Interest | 29 | 37 | 62 | 52 | |||
Commercial Loans [Member] | With an Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 185 | 185 | |||||
Unpaid Principal Balance | 199 | 199 | |||||
Associated Allowance | 125 | 125 | |||||
Average Recorded Investment | 100 | 6 | 59 | 4 | |||
Home Equity Loans and Lines of Credit [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 216 | 216 | 361 | ||||
Unpaid Principal Balance | 292 | 292 | 432 | ||||
Associated Allowance | 5 | 5 | |||||
Average Recorded Investment | 207 | 653 | 264 | 738 | |||
Interest | 2 | ||||||
Home Equity Loans and Lines of Credit [Member] | With no Specific Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 211 | 211 | 361 | ||||
Unpaid Principal Balance | 287 | 287 | 432 | ||||
Average Recorded Investment | 202 | 594 | 260 | 672 | |||
Interest | 2 | ||||||
Home Equity Loans and Lines of Credit [Member] | With an Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 5 | 5 | |||||
Unpaid Principal Balance | 5 | 5 | |||||
Associated Allowance | 5 | 5 | |||||
Average Recorded Investment | 5 | 59 | 4 | 66 | |||
Auto Loans [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 780 | 780 | 526 | ||||
Unpaid Principal Balance | 865 | 865 | 638 | ||||
Associated Allowance | 201 | 201 | 113 | ||||
Average Recorded Investment | 393 | 450 | 372 | 436 | |||
Interest | 2 | 2 | 6 | 5 | |||
Auto Loans [Member] | With no Specific Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 208 | 208 | 253 | ||||
Unpaid Principal Balance | 290 | 290 | 365 | ||||
Average Recorded Investment | 102 | 228 | 119 | 255 | |||
Interest | 2 | ||||||
Auto Loans [Member] | With an Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 572 | 572 | 273 | ||||
Unpaid Principal Balance | 575 | 575 | 273 | ||||
Associated Allowance | 201 | 201 | 113 | ||||
Average Recorded Investment | 291 | 222 | 253 | 181 | |||
Interest | 2 | 2 | 6 | $ 3 | |||
Other [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 24 | 24 | 22 | ||||
Unpaid Principal Balance | 29 | 29 | 22 | ||||
Average Recorded Investment | 8 | 1 | 8 | ||||
Other [Member] | With no Specific Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Recorded Investment | 24 | 24 | 22 | ||||
Unpaid Principal Balance | 29 | 29 | $ 22 | ||||
Average Recorded Investment | $ 8 | $ 8 | |||||
Other [Member] | With an Allowance Recorded [Member] | |||||||
Financing Receivable, Impaired [Line Items] | |||||||
Average Recorded Investment | $ 1 |
Loans Receivable, Net and All42
Loans Receivable, Net and Allowance for Loan Losses - Changes in Accretable Yield for Purchased Credit-Impaired Losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Receivables [Abstract] | ||||
Balance at beginning of period | $ 453 | $ 448 | $ 478 | $ 258 |
Reclassification, new additions and other | 82 | 118 | 240 | |
Accretion | (75) | (83) | (136) | (133) |
Balance at end of period | $ 460 | $ 365 | $ 460 | $ 365 |
Loans Receivable, Net and All43
Loans Receivable, Net and Allowance for Loan Losses - Summary of Additional Information Regarding Loans Acquired and Accounted (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying amount | $ 1,217,863 | $ 1,228,269 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Outstanding balance | 6,309 | 6,893 |
Carrying amount | $ 5,098 | $ 5,563 |
Loans Receivable, Net and All44
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Loans Evaluated for Impairment (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | $ 1,217,863 | $ 1,228,269 |
Individually Evaluated for Impairment | 20,315 | 22,565 |
Collectively Evaluated for Impairment | 1,192,450 | 1,200,141 |
Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 5,098 | 5,563 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 592,169 | 596,645 |
Individually Evaluated for Impairment | 7,011 | 8,721 |
Collectively Evaluated for Impairment | 585,158 | 587,924 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 290,411 | 288,447 |
Individually Evaluated for Impairment | 10,542 | 11,237 |
Collectively Evaluated for Impairment | 275,416 | 272,595 |
Commercial Real Estate Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 4,453 | 4,615 |
Commercial Real Estate Loans [Member] | Construction Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,928 | 1,733 |
Collectively Evaluated for Impairment | 3,928 | 1,733 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 34,125 | 39,978 |
Individually Evaluated for Impairment | 1,742 | 1,698 |
Collectively Evaluated for Impairment | 32,062 | 37,869 |
Commercial Loans [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 321 | 411 |
Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 61,746 | 56,923 |
Collectively Evaluated for Impairment | 61,746 | 56,923 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 45,651 | 48,163 |
Individually Evaluated for Impairment | 216 | 361 |
Collectively Evaluated for Impairment | 45,111 | 47,265 |
Home Equity Loans and Lines of Credit [Member] | Loans Acquired with Deteriorated Credit Quality [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 324 | 537 |
Auto Loans [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 186,697 | 193,078 |
Individually Evaluated for Impairment | 780 | 526 |
Collectively Evaluated for Impairment | 185,917 | 192,552 |
Other [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total Loans | 3,136 | 3,302 |
Individually Evaluated for Impairment | 24 | 22 |
Collectively Evaluated for Impairment | $ 3,112 | $ 3,280 |
Loans Receivable, Net and All45
Loans Receivable, Net and Allowance for Loan Losses - Classes of Loan Portfolio, Internal Risk Rating System (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | $ 1,208,497 | $ 1,219,213 |
Commercial And Municipal Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 386,282 | 385,348 |
Commercial And Municipal Portfolio Segment | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 290,411 | 288,447 |
Commercial And Municipal Portfolio Segment | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 34,125 | 39,978 |
Commercial And Municipal Portfolio Segment | Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 61,746 | 56,923 |
Pass [Member] | Commercial And Municipal Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 359,271 | 353,695 |
Pass [Member] | Commercial And Municipal Portfolio Segment | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 266,868 | 260,088 |
Pass [Member] | Commercial And Municipal Portfolio Segment | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 30,657 | 36,684 |
Pass [Member] | Commercial And Municipal Portfolio Segment | Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 61,746 | 56,923 |
Special Mention [Member] | Commercial And Municipal Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 5,402 | 9,066 |
Special Mention [Member] | Commercial And Municipal Portfolio Segment | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 5,225 | 8,886 |
Special Mention [Member] | Commercial And Municipal Portfolio Segment | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 177 | 180 |
Substandard [Member] | Commercial And Municipal Portfolio Segment | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 21,609 | 22,587 |
Substandard [Member] | Commercial And Municipal Portfolio Segment | Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | 18,318 | 19,473 |
Substandard [Member] | Commercial And Municipal Portfolio Segment | Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Loan, total | $ 3,291 | $ 3,114 |
Loans Receivable, Net and All46
Loans Receivable, Net and Allowance for Loan Losses - Schedule of Performing or Non-Performing Loans (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 1,208,497 | $ 1,219,213 |
Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 831,581 | 842,921 |
Purchase Credit Impaired [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 324 | 537 |
Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 822,534 | 832,624 |
Nonperforming [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 8,723 | 9,760 |
Residential Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 592,169 | 596,645 |
Residential Real Estate Loans [Member] | Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 584,544 | 587,673 |
Residential Real Estate Loans [Member] | Nonperforming [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 7,625 | 8,972 |
Commercial Real Estate Loans [Member] | Construction Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,928 | 1,733 |
Commercial Real Estate Loans [Member] | Performing [Member] | Construction Real Estate Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,928 | 1,733 |
Home Equity Loans and Lines of Credit [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 45,651 | 48,163 |
Home Equity Loans and Lines of Credit [Member] | Purchase Credit Impaired [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 324 | 537 |
Home Equity Loans and Lines of Credit [Member] | Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 45,053 | 47,213 |
Home Equity Loans and Lines of Credit [Member] | Nonperforming [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 274 | 413 |
Auto Loans [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 186,697 | 193,078 |
Auto Loans [Member] | Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 185,907 | 192,734 |
Auto Loans [Member] | Nonperforming [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 790 | 344 |
Other [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,136 | 3,302 |
Other [Member] | Performing [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | 3,102 | 3,271 |
Other [Member] | Nonperforming [Member] | Consumer Portfolio Segment [Member] | ||
Financing Receivable, Recorded Investment [Line Items] | ||
Total | $ 34 | $ 31 |
Loans Receivable, Net and All47
Loans Receivable, Net and Allowance for Loan Losses - Classes of Loan Portfolio Summarized by Aging Categories (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | $ 1,197,401 | $ 1,204,129 |
31-60 Days Past Due | 1,938 | 3,538 |
61-90 Days Past Due | 689 | 1,287 |
Non-accrual | 12,737 | 13,752 |
Total Past Due | 15,364 | 18,577 |
Purchased Credit Impaired | 5,098 | 5,563 |
Total Loans | 1,217,863 | 1,228,269 |
Residential Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 582,864 | 585,517 |
31-60 Days Past Due | 1,081 | 1,496 |
61-90 Days Past Due | 599 | 660 |
Non-accrual | 7,625 | 8,972 |
Total Past Due | 9,305 | 11,128 |
Total Loans | 592,169 | 596,645 |
Construction [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,928 | 1,733 |
Total Loans | 3,928 | 1,733 |
Commercial Real Estate Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 282,390 | 279,019 |
31-60 Days Past Due | 284 | 1,093 |
61-90 Days Past Due | 191 | |
Non-accrual | 3,284 | 3,529 |
Total Past Due | 3,568 | 4,813 |
Purchased Credit Impaired | 4,453 | 4,615 |
Total Loans | 290,411 | 288,447 |
Commercial Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 32,994 | 38,862 |
31-60 Days Past Due | 80 | 185 |
61-90 Days Past Due | 57 | |
Non-accrual | 730 | 463 |
Total Past Due | 810 | 705 |
Purchased Credit Impaired | 321 | 411 |
Total Loans | 34,125 | 39,978 |
Obligations of States and Political Subdivisions [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 61,746 | 56,923 |
Total Loans | 61,746 | 56,923 |
Home Equity Loans and Lines of Credit [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 45,027 | 47,026 |
31-60 Days Past Due | 18 | 40 |
61-90 Days Past Due | 8 | 147 |
Non-accrual | 274 | 413 |
Total Past Due | 300 | 600 |
Purchased Credit Impaired | 324 | 537 |
Total Loans | 45,651 | 48,163 |
Auto Loans [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 185,398 | 191,785 |
31-60 Days Past Due | 427 | 717 |
61-90 Days Past Due | 82 | 232 |
Non-accrual | 790 | 344 |
Total Past Due | 1,299 | 1,293 |
Total Loans | 186,697 | 193,078 |
Other [Member] | ||
Financing Receivable, Recorded Investment, Past Due [Line Items] | ||
Current | 3,054 | 3,264 |
31-60 Days Past Due | 48 | 7 |
Non-accrual | 34 | 31 |
Total Past Due | 82 | 38 |
Total Loans | $ 3,136 | $ 3,302 |
Loans Receivable, Net and All48
Loans Receivable, Net and Allowance for Loan Losses - Summary of Primary Segments of ALL (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Sep. 30, 2016 | |
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | $ 9,342 | $ 9,257 | $ 9,056 | $ 8,919 | |
Individually evaluated for impairment | 485 | 485 | $ 347 | ||
Charge-offs | (969) | (580) | (1,675) | (887) | |
Collectively evaluated for impairment | 8,881 | 8,881 | 8,709 | ||
Recoveries | 243 | 138 | 485 | 183 | |
Provision | 750 | 600 | 1,500 | 1,200 | |
Balance, End of period | 9,366 | 9,415 | 9,366 | 9,415 | |
Residential Real Estate Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 4,450 | 4,747 | 4,426 | 5,140 | |
Individually evaluated for impairment | 128 | 128 | 198 | ||
Charge-offs | (290) | (308) | (366) | (399) | |
Collectively evaluated for impairment | 4,002 | 4,002 | 4,228 | ||
Recoveries | 5 | 6 | 3 | ||
Provision | (35) | 216 | 64 | (89) | |
Balance, End of period | 4,130 | 4,655 | 4,130 | 4,655 | |
Commercial Real Estate Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 795 | 858 | 852 | 671 | |
Individually evaluated for impairment | 26 | 26 | 36 | ||
Charge-offs | (128) | (9) | (218) | (9) | |
Collectively evaluated for impairment | 1,012 | 1,012 | 816 | ||
Recoveries | 52 | 10 | 52 | ||
Provision | 371 | 67 | 394 | 254 | |
Balance, End of period | 1,038 | 968 | 1,038 | 968 | |
Commercial Real Estate Loans [Member] | Construction Real Estate Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 23 | 14 | 13 | 7 | |
Collectively evaluated for impairment | 30 | 30 | 13 | ||
Provision | 7 | 10 | 17 | 17 | |
Balance, End of period | 30 | 24 | 30 | 24 | |
Commercial Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 965 | 705 | 882 | 693 | |
Individually evaluated for impairment | 125 | 125 | |||
Charge-offs | (1) | (20) | (3) | ||
Collectively evaluated for impairment | 826 | 826 | 882 | ||
Recoveries | 1 | ||||
Provision | (13) | 33 | 89 | 47 | |
Balance, End of period | 951 | 738 | 951 | 738 | |
Obligations of States and Political Subdivisions [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 234 | 187 | 215 | 189 | |
Collectively evaluated for impairment | 244 | 244 | 215 | ||
Provision | 10 | 9 | 29 | 7 | |
Balance, End of period | 244 | 196 | 244 | 196 | |
Home Equity Loans and Lines of Credit [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 441 | 389 | 455 | 461 | |
Individually evaluated for impairment | 5 | 5 | |||
Charge-offs | (6) | (29) | (6) | (54) | |
Collectively evaluated for impairment | 440 | 440 | 455 | ||
Recoveries | 2 | 3 | 3 | 4 | |
Provision | 8 | 26 | (7) | (22) | |
Balance, End of period | 445 | 389 | 445 | 389 | |
Auto Loans [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 2,062 | 1,754 | 1,880 | 1,570 | |
Individually evaluated for impairment | 201 | 201 | 113 | ||
Charge-offs | (544) | (234) | (1,061) | (422) | |
Collectively evaluated for impairment | 1,707 | 1,707 | 1,767 | ||
Recoveries | 232 | 80 | 460 | 117 | |
Provision | 158 | 325 | 629 | 660 | |
Balance, End of period | 1,908 | 1,925 | 1,908 | 1,925 | |
Other [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 25 | 27 | 25 | 27 | |
Charge-offs | (4) | ||||
Collectively evaluated for impairment | 24 | 24 | 25 | ||
Recoveries | 4 | 3 | 6 | 6 | |
Provision | (5) | (5) | (3) | (8) | |
Balance, End of period | 24 | 25 | 24 | 25 | |
Unallocated [Member] | |||||
Financing Receivable, Allowance for Credit Losses [Line Items] | |||||
Balance, Beginning of period | 347 | 576 | 308 | 161 | |
Collectively evaluated for impairment | 596 | 596 | $ 308 | ||
Provision | 249 | (81) | 288 | 334 | |
Balance, End of period | $ 596 | $ 495 | $ 596 | $ 495 |
Loans Receivable, Net and All49
Loans Receivable, Net and Allowance for Loan Losses - Summary of Troubled Debt Restructuring Granted (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($)Contract | Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($)Contract | |
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 4 | 5 | 5 |
Real Estate Loans [Member] | Residential [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 3 | 3 | 4 |
Pre-Modification Outstanding Recorded Investment | $ 135 | $ 587 | $ 379 | $ 668 |
Post-Modification Outstanding Recorded Investment | $ 135 | $ 587 | $ 379 | $ 668 |
Real Estate Loans [Member] | Commercial Real Estate Loans [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | 1 | 1 |
Pre-Modification Outstanding Recorded Investment | $ 132 | $ 77 | $ 132 | $ 77 |
Post-Modification Outstanding Recorded Investment | $ 132 | $ 77 | $ 132 | $ 77 |
Other [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 1 | 1 | ||
Pre-Modification Outstanding Recorded Investment | $ 24 | $ 24 | ||
Post-Modification Outstanding Recorded Investment | $ 24 | $ 24 | ||
Troubled Debt Restructurings [Member] | ||||
Financing Receivable, Modifications [Line Items] | ||||
Number of Contracts | Contract | 3 | 4 | 5 | 5 |
Pre-Modification Outstanding Recorded Investment | $ 291 | $ 664 | $ 535 | $ 745 |
Post-Modification Outstanding Recorded Investment | $ 291 | $ 664 | $ 535 | $ 745 |
Deposits - Schedule of Deposits
Deposits - Schedule of Deposits by Major Classifications (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Sep. 30, 2016 |
Banking And Thrift [Abstract] | ||
Non-interest bearing demand accounts | $ 150,762 | $ 142,924 |
Interest bearing demand accounts | 139,528 | 167,259 |
Money market accounts | 255,502 | 249,947 |
Savings and club accounts | 145,478 | 142,021 |
Certificates of deposit | 547,105 | 512,669 |
Total | $ 1,238,375 | $ 1,214,820 |
Net Periodic Benefit Cost-Def51
Net Periodic Benefit Cost-Defined Benefit Plan - Summary of the Components of Net Periodic Benefit Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation Related Costs [Abstract] | ||||
Service Cost | $ 69 | $ 249 | $ 378 | $ 498 |
Interest Cost | 208 | 245 | 443 | 490 |
Expected return on plan assets | (348) | (311) | (689) | (622) |
Amortization of unrecognized loss | 23 | 119 | 159 | 239 |
Net periodic benefit cost | $ (48) | $ 302 | $ 291 | $ 605 |
Net Periodic Benefit Cost-Def52
Net Periodic Benefit Cost-Defined Benefit Plan - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | ||||
Projected benefit obligation | $ (7,100) | |||
Tax effected | $ 4,727 | $ 79 | $ 4,817 | $ 158 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | Mar. 29, 2017 | Dec. 13, 2016 | Mar. 04, 2016 | May 20, 2015 | Jul. 22, 2014 | Apr. 01, 2013 | May 23, 2008 | Mar. 31, 2017 | Mar. 31, 2016 |
Compensation Related Costs Disclosure [Line Items] | |||||||||
Stock option granted | 0 | ||||||||
Option vesting period | 5 years | ||||||||
Option expiration period | 10 years | ||||||||
Share-based compensation expense | $ 145,000 | $ 79,000 | |||||||
Equity Incentive Plan [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Common stock issuance, Grant | 2,377,326 | ||||||||
2016 Plan [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Common stock issuance, Grant | 250,000 | ||||||||
Further number of shares, grants | 0 | ||||||||
Stock Option [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Number of available shares | 1,698,090 | ||||||||
Restricted Stock [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Number of available shares | 679,236 | ||||||||
Restricted stock granted | 3,296 | 20,675 | 23,491 | 21,843 | 19,880 | 30,000 | 590,320 | ||
Share-based compensation expense | $ 145,000 | $ 79,000 | |||||||
Restricted Stock [Member] | 2013 [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Restricted shares vesting period | 18 months | ||||||||
Restricted Stock [Member] | 2014 [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Restricted shares vesting period | 39 months | ||||||||
Expected future expense | $ 32,000 | ||||||||
Remaining vesting periods | 6 months | ||||||||
Restricted Stock [Member] | 2015 [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Restricted shares vesting period | 40 months | ||||||||
Expected future expense | $ 123,000 | ||||||||
Remaining vesting periods | 1 year 6 months | ||||||||
Restricted Stock [Member] | March 4, 2016 [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Restricted shares vesting period | 43 months | ||||||||
Restricted Stock [Member] | 12/13/16 [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Restricted shares vesting period | 46 months | ||||||||
Restricted Stock [Member] | March 29, 2017 [Member] | Tranche One [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Restricted shares vesting period | 42 months | ||||||||
Restricted shares vested, Number of shares | 1,296 | ||||||||
Expected future expense | $ 19,000 | ||||||||
Remaining vesting periods | 3 years 6 months | ||||||||
Outstanding nonvested restricted stock | 1,296 | ||||||||
Restricted Stock [Member] | March 29, 2017 [Member] | Tranche Two [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Restricted shares vesting period | 18 months | ||||||||
Restricted shares vested, Number of shares | 2,000 | ||||||||
Expected future expense | $ 29,000 | ||||||||
Remaining vesting periods | 1 year 6 months | ||||||||
Outstanding nonvested restricted stock | 2,000 | ||||||||
Restricted Stock [Member] | 2016 [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Expected future expense | $ 213,000 | ||||||||
Remaining vesting periods | 2 years 6 months | ||||||||
Restricted Stock [Member] | December Two Thousand Sixteen Plan | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Expected future expense | $ 313,000 | ||||||||
Remaining vesting periods | 3 years 6 months | ||||||||
Non Qualified Stock Option [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Stock option granted | 1,140,469 | ||||||||
Incentive Stock Option [Member] | |||||||||
Compensation Related Costs Disclosure [Line Items] | |||||||||
Stock option granted | 317,910 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Stock Options, Outstanding, September 30, 2016 | 905,987 | |
Number of Stock Options, Granted | 0 | |
Number of Stock Options, Exercised | 488,491 | |
Number of Stock Options, Forfeited | 0 | |
Number of Stock Options, Outstanding, March 31, 2017 | 417,496 | 905,987 |
Number of Stock Options, Exercisable at year-end | 417,496 | |
Weighted-average Exercise Price, Outstanding, September 30, 2016 | $ 12.35 | |
Weighted-average Exercise Price, Granted | 0 | |
Weighted-average Exercise Price, Exercised | 12.35 | |
Weighted-average Exercise Price, Forfeited | 0 | |
Weighted-average Exercise Price, Outstanding, March 31, 2017 | 12.35 | $ 12.35 |
Weighted-average Exercise Price, Exercisable at year-end | $ 12.35 | |
Weighted-average Remaining Contractual Term (in years), Outstanding | 1 year 5 months 1 day | 1 year 8 months 1 day |
Weighted-average Remaining Contractual Term (in years), Granted | 0 years | |
Weighted-average Remaining Contractual Term (in years), Exercised | 1 year 5 months 1 day | |
Weighted-average Remaining Contractual Term (in years), Forfeited | 0 years | |
Weighted-average Remaining Contractual Term (in years), Exercisable | 1 year 5 months 1 day | |
Aggregate Intrinsic Value, Outstanding, Beginning Balance | $ 1,341 | |
Aggregate Intrinsic Value, Granted | 0 | |
Aggregate Intrinsic Value, Exercised | 0 | |
Aggregate Intrinsic Value, Forfeited | 0 | |
Aggregate Intrinsic Value, Outstanding, Ending Balance | 932 | $ 1,341 |
Aggregate Intrinsic Value, Exercisable at year-end | $ 932 |
Equity Incentive Plan - Sched55
Equity Incentive Plan - Schedule of Restricted Stock Option Activity (Detail) - Restricted Stock [Member] | 6 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Restricted Stock, Nonvested at September 30, 2016 | shares | 31,896 |
Number of Restricted Stock, Granted | shares | 23,971 |
Number of Restricted Stock, Vested | shares | 0 |
Number of Restricted Stock, Forfeited | shares | 0 |
Number of Restricted Stock, Nonvested at March 31, 2017 | shares | 55,867 |
Weighted-average Grant Date Fair Value, Nonvested at September 30, 2016 | $ / shares | $ 13.11 |
Weighted-average Grant Date Fair Value, Granted | $ / shares | 16.28 |
Weighted-average Grant Date Fair Value, Vested | $ / shares | 0 |
Weighted-average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-average Grant Date Fair Value, Nonvested at March 31, 2017 | $ / shares | $ 14.50 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Securities, Derivatives, Other Real Estate Owned and Impaired Loans Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | $ 395,315 | $ 395,315 | $ 390,410 |
Derivatives | 1,397 | 453 | |
Foreclosed real estate | 3,315 | 2,659 | |
Impaired loans | 19,830 | 22,218 | |
Mortgage servicing rights | 321 | 398 | |
Fair Value, Measurements, Nonrecurring [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Foreclosed real estate | 3,315 | 2,659 | |
Mortgage-Backed Securities [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 228,122 | 219,162 | |
Obligations of States and Political Subdivisions [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 69,335 | 73,690 | |
U.S. Government Agency Securities [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 23,463 | 25,941 | |
Corporate Obligations [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 44,780 | 38,418 | |
Other Debt Securities [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 29,590 | 33,174 | |
Equity Securities-Financial Services [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | $ 25 | 25 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 25 | 25 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Equity Securities-Financial Services [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 25 | 25 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 386,555 | 382,900 | |
Derivatives | 1,397 | 453 | |
Significant Other Observable Inputs (Level 2) [Member] | Mortgage-Backed Securities [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 228,122 | 219,162 | |
Significant Other Observable Inputs (Level 2) [Member] | Obligations of States and Political Subdivisions [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 69,335 | 73,690 | |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency Securities [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 23,463 | 25,941 | |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Obligations [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 36,045 | 31,433 | |
Significant Other Observable Inputs (Level 2) [Member] | Other Debt Securities [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 29,590 | 32,674 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | 8,735 | 7,485 | |
Impaired loans | 19,830 | 22,218 | |
Mortgage servicing rights | 321 | 398 | |
Significant Unobservable Inputs (Level 3) [Member] | Fair Value, Measurements, Nonrecurring [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Foreclosed real estate | 3,315 | 2,659 | |
Significant Unobservable Inputs (Level 3) [Member] | Corporate Obligations [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | $ 8,735 | 6,985 | |
Significant Unobservable Inputs (Level 3) [Member] | Other Debt Securities [Member] | |||
Securities available-for-sale measured on a recurring basis | |||
Total debt and equity securities | $ 500 |
Fair Value Measurement - Sche57
Fair Value Measurement - Schedule of Changes in Fair Value of Level III Investments (Detail) - Significant Unobservable Inputs (Level 3) [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Beginning balance | $ 8,238 | $ 7,136 | $ 7,485 | $ 4,211 |
Purchases, sales, issuances, settlements, net | 756 | 756 | 3,000 | |
Total unrealized gain (loss): | ||||
Included in other comprehensive income | (259) | (64) | 494 | (139) |
Ending balance | $ 8,735 | $ 7,072 | $ 8,735 | $ 7,072 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016USD ($)Loan | Sep. 30, 2016USD ($)Loan | Mar. 31, 2017USD ($) | |
Fair Value Disclosures [Abstract] | |||
Number of impaired loans | Loan | 177 | 205 | |
Impaired loans, carrying value | $ 20,300 | $ 22,600 | |
Impaired loans, valuation allowance | 485 | 347 | $ 485 |
Impaired loans, net fair value | $ 19,800 | $ 22,200 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Additional Quantitative Information about Assets Measured at Fair Value on Nonrecurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Sep. 30, 2016 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unobservable Input | Prepayment speeds | Prepayment speeds |
Fair value input appraisal adjustments | 15.00% | 17.20% |
Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 9.00% | 2.00% |
Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 35.00% | 33.00% |
Impaired Loans [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 19,830 | $ 22,218 |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Fair value input appraisal adjustments | 23.40% | 23.00% |
Impaired Loans [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Techniques | Appraisal of collateral | Appraisal of collateral |
Impaired Loans [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 0.00% | 0.00% |
Impaired Loans [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 50.00% | 60.00% |
Foreclosed Real Estate Owned [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 3,315 | $ 2,659 |
Unobservable Input | Appraisal adjustments | Appraisal adjustments |
Fair value input appraisal adjustments | 21.00% | 22.10% |
Foreclosed Real Estate Owned [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Techniques | Appraisal of collateral | Appraisal of collateral |
Foreclosed Real Estate Owned [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 20.00% | 20.00% |
Foreclosed Real Estate Owned [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 50.00% | 46.00% |
Mortgage Servicing Rights [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair Value Estimate | $ 321 | $ 398 |
Unobservable Input | Discount rate | Discount rate |
Fair value input appraisal adjustments | 12.50% | 12.00% |
Mortgage Servicing Rights [Member] | Appraisal of Collateral [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Valuation Techniques | Discounted cash flow | Discounted cash flow |
Mortgage Servicing Rights [Member] | Minimum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 12.00% | 12.00% |
Mortgage Servicing Rights [Member] | Maximum [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value input appraisal adjustments | 16.00% | 16.00% |
Fair Value Measurement - Sche60
Fair Value Measurement - Schedule of Estimate of Fair Value Using Methodologies (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Financial assets: | |||
Investment and mortgage backed securities available for sale | $ 395,315 | $ 395,315 | $ 390,410 |
Loans receivable, net | 19,800 | 22,200 | |
Mortgage servicing rights | 321 | 398 | |
Derivatives | $ 1,397 | 453 | |
Bank-owned life insurance | 37,112 | 36,593 | |
Financial liabilities: | |||
Other borrowings | 199,168 | 230,601 | |
Advances by borrowers for taxes and insurance | 9,115 | 4,956 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Financial assets: | |||
Investment and mortgage backed securities available for sale | 25 | 25 | |
Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets: | |||
Investment and mortgage backed securities available for sale | 386,555 | 382,900 | |
Derivatives | 1,397 | 453 | |
Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets: | |||
Investment and mortgage backed securities available for sale | 8,735 | 7,485 | |
Mortgage servicing rights | 321 | 398 | |
Carrying Value [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 36,443 | 43,658 | |
Certificates of deposit | 1,000 | 1,250 | |
Investment and mortgage backed securities available for sale | 395,315 | 390,410 | |
Loans receivable, net | 1,208,497 | 1,219,213 | |
Accrued interest receivable | 5,929 | 5,769 | |
Regulatory stock | 13,961 | 15,463 | |
Mortgage servicing rights | 321 | 398 | |
Derivatives | 1,397 | 453 | |
Bank-owned life insurance | 37,112 | 36,593 | |
Financial liabilities: | |||
Deposits | 1,238,375 | 1,214,820 | |
Short-term borrowings | 120,951 | 129,460 | |
Other borrowings | 199,168 | 230,601 | |
Advances by borrowers for taxes and insurance | 9,115 | 4,956 | |
Accrued interest payable | 863 | 1,046 | |
Estimated Fair Value [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 36,443 | 43,658 | |
Certificates of deposit | 1,010 | 1,269 | |
Investment and mortgage backed securities available for sale | 395,315 | 390,410 | |
Loans receivable, net | 1,203,706 | 1,237,759 | |
Accrued interest receivable | 5,929 | 5,769 | |
Regulatory stock | 13,961 | 15,463 | |
Mortgage servicing rights | 321 | 398 | |
Derivatives | 1,397 | 453 | |
Bank-owned life insurance | 37,112 | 36,593 | |
Financial liabilities: | |||
Deposits | 1,239,472 | 1,218,894 | |
Short-term borrowings | 120,951 | 129,460 | |
Other borrowings | 199,219 | 231,911 | |
Advances by borrowers for taxes and insurance | 9,115 | 4,956 | |
Accrued interest payable | 863 | 1,046 | |
Estimated Fair Value [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | |||
Financial assets: | |||
Cash and cash equivalents | 36,443 | 43,658 | |
Investment and mortgage backed securities available for sale | 25 | 25 | |
Accrued interest receivable | 5,929 | 5,769 | |
Regulatory stock | 13,961 | 15,463 | |
Bank-owned life insurance | 37,112 | 36,593 | |
Financial liabilities: | |||
Deposits | 691,270 | 702,151 | |
Short-term borrowings | 120,951 | 129,460 | |
Advances by borrowers for taxes and insurance | 9,115 | 4,956 | |
Accrued interest payable | 863 | 1,046 | |
Estimated Fair Value [Member] | Significant Other Observable Inputs (Level 2) [Member] | |||
Financial assets: | |||
Investment and mortgage backed securities available for sale | 386,555 | 382,900 | |
Derivatives | 1,397 | 453 | |
Estimated Fair Value [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||
Financial assets: | |||
Certificates of deposit | 1,010 | 1,269 | |
Investment and mortgage backed securities available for sale | 8,735 | 7,485 | |
Loans receivable, net | 1,203,706 | 1,237,759 | |
Mortgage servicing rights | 321 | 398 | |
Financial liabilities: | |||
Deposits | 548,202 | 516,743 | |
Other borrowings | $ 199,219 | $ 231,911 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Loss - Summary of Activity in Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Beginning Balance | $ 176,344 | |||
Total other comprehensive income (loss) | $ 5,531 | $ 3,125 | (532) | $ 958 |
Ending Balance | 178,769 | 178,769 | ||
Defined Benefit Pension Plan [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Beginning Balance | (5,993) | (5,246) | (6,083) | (5,325) |
Other comprehensive income (loss) before reclassifications | 4,714 | 4,714 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | 13 | 79 | 103 | 158 |
Total other comprehensive income (loss) | 4,727 | 79 | 4,817 | 158 |
Ending Balance | (1,266) | (5,167) | (1,266) | (5,167) |
Unrealized Gains (Losses) on Securities Available for Sale [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Beginning Balance | (2,801) | 684 | 3,952 | 2,930 |
Other comprehensive income (loss) before reclassifications | 781 | 3,287 | (5,972) | 1,043 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | (241) | (243) | ||
Total other comprehensive income (loss) | 781 | 3,046 | (5,972) | 800 |
Ending Balance | (2,020) | 3,730 | (2,020) | 3,730 |
Derivatives [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Beginning Balance | 899 | 299 | ||
Other comprehensive income (loss) before reclassifications | 25 | 619 | ||
Amounts reclassified from accumulated other comprehensive loss, net of tax | (2) | 4 | ||
Total other comprehensive income (loss) | 23 | 623 | ||
Ending Balance | 922 | 922 | ||
Accumulated Other Comprehensive Loss [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Beginning Balance | (7,895) | (4,562) | (1,832) | (2,395) |
Other comprehensive income (loss) before reclassifications | 5,520 | 3,287 | (639) | 1,043 |
Amounts reclassified from accumulated other comprehensive loss, net of tax | 11 | (162) | 107 | (85) |
Total other comprehensive income (loss) | 5,531 | 3,125 | (532) | 958 |
Ending Balance | $ (2,364) | $ (1,437) | $ (2,364) | $ (1,437) |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Loss - Summary of Reclassification Out of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain on sale of investments | $ 365 | $ 368 | ||
Interest expense | $ (3,075) | (2,875) | $ (6,093) | (5,598) |
Income taxes | (203) | (726) | (603) | (1,292) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Net of tax | (11) | 162 | (107) | 85 |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Unrealized Gains (Losses) on Securities Available for Sale [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Gain on sale of investments | 365 | 368 | ||
Income taxes | (124) | (125) | ||
Net of tax | 241 | 243 | ||
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Defined Benefit Pension Plan [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Income taxes | 10 | 40 | 56 | 81 |
Net of tax | (13) | (79) | (103) | (158) |
Compensation and employee benefits | (23) | (119) | (159) | $ (239) |
Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | Derivatives [Member] | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Interest expense | 5 | (6) | ||
Income taxes | (3) | 2 | ||
Net of tax | $ 2 | $ (79) | $ (4) |
Derivatives And Hedging Activ63
Derivatives And Hedging Activities - Schedule of Fair Value of Derivative Financial Instruments as well as their Classification on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 |
Derivatives Fair Value [Line Items] | |||
Fair Values of Derivative Instruments | $ 1,397 | $ 453 | |
Designated as Hedging Instrument [Member] | Interest Rate Products [Member] | Other Assets [Member] | |||
Derivatives Fair Value [Line Items] | |||
Fair Values of Derivative Instruments | $ 1,397 | $ 453 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)Contract | Mar. 31, 2016USD ($) | Sep. 30, 2017USD ($) | |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Interest income | $ 14,379,000 | $ 15,159,000 | $ 29,029,000 | $ 28,974,000 | |
Interest expense | 3,075,000 | $ 2,875,000 | 6,093,000 | 5,598,000 | |
Increase (decrease) in accrued interest payable | (183,000) | $ 146,000 | |||
Net liability position of derivatives | 0 | 0 | |||
Minimum [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Debt Instrument, collateral amount | 0 | 0 | |||
Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Interest income | $ 5,000 | ||||
Interest expense | $ 6,000 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Scenario, Forecast [Member] | Reclassification Out of Accumulated Other Comprehensive Income (Loss) [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Increase (decrease) in accrued interest payable | $ 0 | ||||
Designated as Hedging Instrument [Member] | Cash Flow Hedges of Interest Rate Risk [Member] | Interest Rate Swaps [Member] | Variable Rate [Member] | FHLB Advances [Member] | |||||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||||
Derivative, number of instruments | Contract | 3 | 3 | |||
Derivative, notional principal amount | $ 50,000,000 | $ 50,000,000 |
Derivatives And Hedging Activ65
Derivatives And Hedging Activities - Schedule of Pre-Tax Net Gains (Losses) of Cash flow Hedges (Detail) - Designated as Hedging Instrument [Member] - Cash Flow Hedges of Interest Rate Risk [Member] - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Mar. 31, 2017 | Mar. 31, 2017 | |
Derivative Instruments Gain Loss [Line Items] | ||
Gain Recognized in OCI on Derivative (Effective Portion) | $ 40 | $ 1,092 |
Gain Reclassified from Accumulated OCI into Income (Effective Portion) | 5 | |
(Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | (6) | |
Interest Rate Products [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain Recognized in OCI on Derivative (Effective Portion) | 40 | 1,092 |
Interest Rate Products [Member] | Interest Expense [Member] | ||
Derivative Instruments Gain Loss [Line Items] | ||
Gain Reclassified from Accumulated OCI into Income (Effective Portion) | $ 5 | |
(Loss) Reclassified from Accumulated OCI into Income (Effective Portion) | $ (6) |